Go Digit General Insurance Limited (Digit Insurance) is an Indian digital general insurance subsidiary of Fairfax’s 49%-owned Go Digit Infoworks Services Private Limited focused on selling general insurance products digitally. The company agreed to raise approximately $200 million through new equity issuances, valuing Digit Insurance at about $3.5 billion. The transactions are subject to customary closing conditions and regulatory approval and were expected to close in the third quarter of 2021. The fundraise and regulatory changes around foreign ownership are material to Fairfax’s accounting treatment of its investment in Digit. Fairfax disclosed that, since Digit’s 2017 founding, it has invested about $154 million and currently carries the investment at $532 million on its balance sheet. Upon closing of the new equity issuances and receipt of required approvals, Fairfax projects the Digit investment’s aggregate market value to be approximately $2.3 billion, producing substantial unrealized gains on its holdings. Go Digit General Insurance Limited is a general insurance company. On January 15, 2021 the company raised INR 1,350,000,000 in an equity funding round. The transaction included participation from returning investors A91 Partners LLP, Faering Capital, Fairfax Financial Holdings Limited (TSX:FFH), and TVS Capital Funds Limited. The round produced a post-money valuation of $1.9 billion (INR 139,002,100,000). The article does not disclose operating metrics such as revenues or user counts nor specific future plans. Digit is a new-age general insurance company founded by Kamesh Goyal and backed by Canada-based Fairfax Group. The company offers general insurance products to retail customers. Within two years of operation Digit says it serves more than 5 million customers and has achieved close to $300 million of annualised premium. In January Digit announced IRDAI approval to raise $84 million from growth-equity investors A91 Partners, Faering Capital and TVS Capital. That $84 million round follows two prior funding rounds amounting to $140 million. The company declined to comment on celebrity investments disclosed in filings.

Total raised

$302M

Funding rounds

3

Latest round

Equity

Latest activity

Jul 2021