Digit Insurance, which is a Bangalore based insurtech startup, has now revealed that it has received approval from the IRDAI to secure $84 million from three growth equity investors – Faering Capital, TVS Capital, and A91 Partners.
The combined investment made in the startup would bring the Digit total funding of $224 million, to date.
This is the first funding round of external funding for the startup, which has been securing funds from the Candian Billionaire Prem Watsa Fairfax Holdings.
Speaking on the current fundraise, Aditya Parekh, Co-founder, and Managing Director, Faering Capital said,
“Our investment in Digit is based on our thesis to back market-leading companies pursuing large opportunities in financial services in India. Digit is uniquely poised to become a dominant player in the general insurance industry, and we are excited to offer our expertise and partner with Kamesh and his team in their exciting journey of delighting customers with innovative yet, simple products and services.”