Digit is a startup that sells insurance for health, travel, and auto. The company simplifies the process of buying insurance by allowing clients to claim submissions, self-inspect, and process service requests using their smartphones. Digit is a part of a group of companies that focuses on the expansion of the number of individuals who buy insurance coverage.
Digit plans to raise $157 million by issuing new shares, at the same time existing shareholders are going to sell over 109 million shares. The last-year funding round was led by Sequoia India, after that, the startup’s valuation reached $3.5 billion. Among other Digit’s backers are Fairfax Group, Indian cricketer Virat Kohli, and TVS Capital.
Digit, India, was founded by Kamesh Goyal in 2017. Kamesh Goyal is an ex-KPMG executive. As of now, Digit’s distributors include more than 32 600 partners, including over 31 000 points of sales and brokers. “The thing about insurance is that it’s thought of as a commodity which makes pricing king – lower pricing gets adopted. But cheaper pricing is a race to the bottom. Digit’s products have enhanced coverage (without the baggage of traditional insurance models and data) and are often better priced, making it a compelling investment,” Osborne Saldanha, a Bangalore-based fintech investor.