Digit Insurance, with investment from Indian born Canadian billionaire Prem Watsa’s Fairfax Holdings,has raised $44 million in a second round of funding.
Fairfax Holdings has invested second round of capital ($45 million) in Digit Infoworks, a parent company for Digit insurance of which a significant part of the investment ($44 million) is given to Digit Insurance.The funding is the largest round in the Indian general insurance ecosystem. This investment brings Digit’s total funding to $94 million.
Digit Insurance plans to invest the funds in technology to drive its mission of making insurance simple. A significant use of fund will also be invested in launching new lines of products and expansion of distribution network across the country.
Kamesh Goyal, Founder & Chairman, Digit Insurance said, “Our investors have shown confidence in our mission of Making Insurance Simple which is heartening. And this round of funding will further help us in doing that.” “Our long-term investment is directed towards bringing in technology that can automate & fasten processes and resolve customer pain points.
Digit has also partnered with companies like Flipkart, PayTM, Cleartrip, Sterling Holidays, SOTC, Policy Bazaar & Tanishq with unique products like Screen Damage for mobile phones or the flight delay cover starting from 75 min. From a claim terms perspective, they have some differentiated features like IMEI linked cover, Worldwide Coverage.
Digit has diversified into mobile, car, 2 wheeler, travel, jewelry insurance and has led to building a large base of over 4 lakh+ customer. The company, that started its operations in Nov 2017. has mobilised over Rs 100 cr of premium in the first three months FY 2018-19. It has ended the year with Rs 42 crore of premium in FY 2017-18.