Mumbai: The Supported Digit of Canadian Prem Digit Insurance has reached an assessment of $ 3.5 billion with the latest fundraising rounds of $ 200 million from investor fauging capital and several new ones such as Alternative Alternative Asset Managers of Soquoia India and IIFL.
Investment is subject to regulatory approval.
With this funding round, the total capital infusion into the digit has crossed RS 3,000 Crore – the highest for non-life companies in India.
Fundraising Following 44% growth in Premium to Rs 3,243 Crore.
Insurance companies need to set aside capital to solvency proportionally with the business they write.
The company calculates Virat Kohli among investors.
The latest fundraising will produce 5% dilution in the company’s equity.
Speaking with Toi, Chairperson of Kamesh Goyal Digit Insurance & founder said that 99% of the company’s business based on volume and 85% with digitally produced values.
The company’s digital platform completes that competitive at prices and analytic use has enabled it to achieve the highest retention ratio for all industries in motor insurance during updates.
Motor insurance is the largest business segment, accounting of around 75% of company premium income.
Digital Digit platform allows companies to improve their business without increasing the appropriate operating costs.
It also allows it to do a much higher business in small cities, where insurance distribution infrastructure is not developed.
In the first two months of fiscal at present, the digit managed to grow a premium of 70%, which more than four times 17% growth was recorded by the industry.
Among the non-life companies registered, ICICI Lombard has a market capitalization of Rs 70,596 Crore ($ 9.5 billion).
Public Sector New India Assurance – The largest non-life insurance company in the country – valued at RS 28,254 Crore.
Last month, HDFC Bank acquired 3.6 crore shares (4.99% shares) in General Insurance Erge HDFC for RS 1,906 Crore, assessing companies more than Rs 38,000 Crore ($ 5.3 billion).
Digit insurance is worth $ 3.5 billion, raising $ 200 million
