The recent investment comes exactly a year after Digit had received approval from India’s Insurance Regulatory and Development Authority to raise US$84 million from A91 Partners, Faering Capital, and TVS Capital.
The Fairfax-backed company aims to simplify insurance by using cloud-based technology like smartphone-enabled self-inspection and audio claims. Its portfolio of products includes motor, travel, property, and health insurance.
Founded in 2017, the company claims to have acquired 15 million customers since its inception.
“In an almost-recession like year for most businesses and when the insurance industry itself grew by 0.1%, Digit grew by 31.9%, earning a premium of US$186 million between April 2020 and December 2020,” the company said in a statement.
Digit also claims that it has recorded profits in three quarters of its 2020-2021 fiscal year by providing its Digit Group Illness Insurance product to over two million customers.
The company held a 1.2% market share of the overall general insurance industry in India, it noted in January last year.
India’s insurance market is poised to grow to US$250 billion by 2025, according to research by Invest India.
Another player in the country’s insurance segment is Sequoia-backed Turtlemint, which raised US$30 million in a financing round led by GGV Capital.
Source: Tech In Asia
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