Digit Insurance has raised USD 84 million from domestic private equity funds A91 Partners, Faering Capital and TVS Capital, valuing the startup backed by Canadian billionaire Prem Watsa at about USD 870 million, post the investment . This is a huge bump up from the Bengaluru-based general insurer’s valuation of around USD 350 million when it last raised capital in 2018.
The newly infused equity capital will be used primarily for meeting the Insurance Regulatory and Development Authority of India’s (IRDAI) guidelines on regulatory capital and foreign exposure, Digit founder and chairman Kamesh Goyal told ET.
This is the first external round of funding for the three-year-old company which was launched by insurance industry veteran Goyal in 2017, along with Watsa’s Fairfax Holdings.
Source: Economic Times