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Fairfax backs parent of online insurance startup Digit with $45 mn fund

Digit Insurance will use the money to invest in new products and expand its distribution network across the country.
BY BEx Bureau
BusinessEx
Jul 25, 2018

Go Digit Infoworks Services Pvt. Ltd, the parent of online insurance startup Digit Insurance, has raised $45 million (around Rs 310 crore) from existing investor Fairfax Holdings.

The Pune-registered firm said in a statement that $44 million of the total money received from Canadian billionaire Prem Watsas Fairfax in this round will go into Digit.

Digit Insurance said it will use the money to invest in new products and expand its distribution network across the country.

Kamesh Goyal, founder and chairman of Digit Insurance, said that the companys long term goal is to invest in technology that can automate processes and resolve customer pain points.

Digit currently has 525 employees on its rolls. The general insurer has partnered with companies such as Flipkart, Paytm, Cleartrip, PolicyBazaar and Tanishq, among others, for products related to mobile phones and flight delays. It also offers products for cars and jewellery.

The firm has thus far raised a total of $94 million in funding. In June last year, Fairfax pumped capital into Go Digit after tying up with Goyal, a former top executive at German financial services firm Allianz SE.

Fairfax owned 45% of Digit at the time while Indian investors led by Goyal held the remaining stake.

Fairfax had sold bulk of its stake in ICICI Lombard General Insurance Co Ltd, which went public in September last year.

Last month, Go Digit Infoworks Services Pvt. Ltd agreed to acquire ITI Reinsurance Ltd from The Investment Trust of India Ltd.

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