Money & Banking

Digit Insurance aims to raise capital by March

LN Revathy Coimbatore | Updated on October 18, 2019

“The economic meltdown has not spared the insurance industry. But we have managed to stand tall as you will see from customer ratings on our Facebook page,” said Kamesh Goyal, chairman and founder of new-age insurance start-up, Digit Insurance.

Stating that customers’ ratings stand as a testimony for Digit’s products and services, Goyal said the company has emerged as the fastest-growing insurance player in the world with a customer base of more than 5 million within two years of operation.

The company launched products across three categories – motor, travel, and personal accessories within a year of starting operations. “The first half of the current fiscal was good for us. Our premium income crossed the ₹1,000-crore-mark, and market share was pretty decent at one per cent.

Digit’s plans to raise additional capital. The company has so far received a total funding of $95 million from Fairfax Holdings. “We will raise ₹600 crore by March 2020. Discussions are underway on the infusion of fresh capital. This is more so from a solvency perspective; our cash flows are comfortable,” he added.

Published on October 18, 2019

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