Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Digit Insurance has received approval from the Insurance Regulatory and Development Authority (IRDAI) to raise $84 million from three growth equity investors ― A91 Partners, Faering Capital and TVS Capital. This combined investment would take Digit’s total funding to $224 million.
The new-age Bengaluru-headquartered insurance start-up, backed by one of the world’s largest financial services groups ― Fairfax Financial Holdings, has previously raised $140 million in two rounds of funding.
In addition to the investments by the three institutions, Digit employees numbering over 70 have invested over $4.34 million as part of this round, a company release said.
Talking to BusinessLine over phone, Kamesh Goyal, Founder - Chairman of Digit Insurance, said, “No insurance company has raised this much funds within the first three years of business. We are glad to have earned the trust of five million (50 lakh) customers in just two years of operations, achieved close to $300 million of annualised premium and 1.2 per cent market share of the overall general insurance industry in India.”
Asia Insurance Review, Singapore, recently acknowledged Digit as the ‘General Insurance Company of the Year 2019’.
“The fund has been raised from a solvency perspective and not from the money requirement perspective,” he said.
To a query on the general insurance industry’s growth, he said, “The sector witnessed phenomenal growth for five years between 2014 and 2019. But towards the end of last year (from December 2019 onwards), the growth rates had started to slide. It would be difficult to say when this would bounce back.”
“Certain segments are registering growth slowdown, pricing pressure is there, but there is nothing extraordinary,” he added.
The company is expecting to double its growth target during the current year, Goyal said.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
What filters should you apply when mining for under-the-radar small-cap stocks? Read on to find more
High valuation, intensely competitive landscape and small cap nature of the stock are key risks.
Amid choppiness, the benchmark indices slipped marginally; approach the week with caution
SBI Cards (₹1,032.7): Witnesses fresh breakoutBetween September and December last year, the stock of SBI Cards ...
That weekend came the news that Champa’s elder daughter was engaged, the proof arriving in the form of Jaimini ...
“Amma,” Divya yelled from the bathroom. “There’s something in my teeth.”Balakrishnan and Veena froze and ...
What makes the new crop of young Indian cricketers such game-changing winners? Over and above their talent, ...
For their dead, Parsis practise a 3,000-year-old system where corpses are excarnated in the Tower of Silence, ...
WPP agency Wunderman Thompson has launched its annual Future 100 report, lifting the lid on trends shaping the ...
Paneer, once alien to the South, has found a lucrative market in Chennai
Social media influencers are flipping the rules by first getting followers and then launching products and ...
The Flipkart kids playing adults are back — this time to push the home grown e-commerce marketplace’s grocery ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor