Story of Digit, A Startup Funded by Virat Kohli

Purbalee Dutta Purbalee Dutta Anik Banerjee Anik Banerjee
Jan 18, 2022 10 min read
Story of Digit, A Startup Funded by Virat Kohli

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Digit Insurance.

Life is risky and uncertain. We don't know what is waiting for us. One may face an untimely death or lose a limb anytime. Accidents do not appear after knocking on your front door, we just meet with it unexpectedly.

Digit Insurance is a security provider to all the insecurities that may occur in one's life. It has got a range of insurance policies such as Bike Insurance, Commercial Vehicle Policy, Car Insurance Policy, Health and Travel Insurance Policies, and more, which is aimed to get its users covered without any hassles. Read the Digit Insurance success story below, where you will get to know everything about Digit, its Startup Story, Founders and Team, Funding and investors, Challenges, and more.

Digit Insurance - Company Highlights

Company Name Digit Insurance
Headquarters Bengaluru, Karnataka, India
Sector Finance, Financial Services and Insurance
Founder Kamesh Goyal
Founded 2017
Valuation $3.54 Billion (as of January 2022)
Revenue $311.83 mn (Rs 2,324 crore in FY21)
Funding $530.8 mn (2021)

Digit Insurance - Latest News
Digit Insurance - Joins Unicorn Club with $1.9B Valuation
Digit Insurance - About
Digit Insurance - Startup Story
Digit Insurance - Founder and Team
Digit Insurance - Logo
Digit Insurance - Business Model
Digit Insurance - Revenue Model
Digit Insurance - Funding and Investors
Digit Insurance - Growth
Digit Insurance - Awards and Achievements
Digit Insurance - Competitors
Digit Insurance - Future Plans

Digit Insurance - Latest News

July 2, 2021 - Digit Insurance is all set to raise an amount of up to $200 million via its existing investor Faering Capital and new investors, Sequoia Capital India, IIFL Alternate Asset Managers, and a few others. The upcoming funding round of Digit, which was initially funded by Virat Kohli, is believed to be one of the biggest funding rounds in the history of the Indian insurance industry. This new round will increase the total valuation of the company to $3.5 billion.

January 15, 2021 - Digit Insurance turned unicorn. With a capital of Rs 135 crore, pumped in by the existing investors of the company, Digit Insurance became the first startup that joined the unicorn club in 2021.

Digit Insurance - Joins Unicorn Club with $1.9B Valuation

Digit Insurance becomes the 1st Indian Startup in 2021 to join the Unicorn Club, following its latest undisclosed investment round.

Digit Inusrance timeline
Digit Insurance Valuation

It also launched a novel COVID-19 product, a Fixed benefit cover for COVID-19. They have been able to reach out to over 20 lakh Indian lives through their Digit Group Illness Insurance product.

Digit Insurance - About

Digit Insurance is a Bengaluru-based general insurance and financial services company. Its mission is to make insurance simple for the common people. Digit General Insurance has come up with numerous insurance plans that can be primarily categorized as:

  • Go Digit health insurance
  • Go Digit car insurance
  • Digit 2 wheeler insurance or GoDigit bike insurance for bikes
  • Go Digit commercial vehicle insurance
  • Go Digit travel insurance

Digit Insurance - Startup Story

Previously bread had to be sliced from loaves. It wasn't simpler like today's slices. People find insurance to be like those unsliced loaves. Customers also don't understand which plan is appropriate for whom. The company believes that this thinking can be changed. With this Digit Insurance started making insurance simple with an aim to go back to the basics and simpler transparent insurance solutions. Simple meant no twisted rules. The company needed a simple name and hence it found the name digit to be perfect and appropriate for them.

Digit Insurance - Founder and Team

Kamesh Goyal

Kamesh Goyal is the Founder and the Chairman of the company, Digit Insurance. He previously worked at Allianz Insurance as the Head of Asset Management and Group Planning and Controlling. He was also the Regional Chief Executive Officer there. Goyal also served as the Chief Executive Officer, Chief Operating Officer, and Country Manager at Bajaj Allianz. The Digit owner began his career as a Manager at KPMG, India. He pursued B.A. LLB and also completed his Master's in Business Administration from Delhi University.

Kamesh Goyal, Chairman & Founder, Digit Insurance

Philip Varghese

Philip Varghese currently serves as the Executive Director of Digit Insurance. Philip started as the Manager of Projects at Allianz after his brief stint at Alpic Finance. He then served as the Senior Manager of Property Underwriting, CIO, and CIO & Head Direct at Bajaj Allianz General Insurance. Varghese then joined Bajaj Allianz Life, where he served as a CEO and COO before joining as the Board Member of Allianz Technology. Philip eventually joined Digit Insurance at a very early stage, when he teamed with the founder of Digit.

Philip Varghese, Executive Director of Digit Insurance

Vijay Kumar ย  ย  ย  ย 

Vijay Kumar serves as the Principal Officer at Digit Insurance. Starting as the Senior Executive Service & Quality at Kirloskar Pneumatic Company, Vijay Kumar has served in a range of companies in key leadership positions including Maruti Udyog Ltd, Hyundai Motor India Ltd., and Bajaj Allianz, before joining Digit.

Vijay Kumar, Principal Officer of Digit Insurance

Sriram Shankar was another Digit executive, who has been a part of the early leadership team of Digit. Since Shankar left Digit in August 2018, he has served Goodera as a Business head and eventually co-founded Findeed.

Digit Insurance currently works with over 1000 employees.

Logo, Digit Insurance

Digit Insurance - Business Model

The Digit Insurance business model works just like the business models that the insurance companies opt for, the only difference is that Digit aims to introduce a range of new products and services to disrupt the Indian general insurance sector. It holds a general insurance license, which allows the company to sell health insurance products. Car and home insurances are common but Digital Insurance provides jewellery and mobile insurances as well. Furthermore, the company is redefining the insurance industry by working digitally. Its business strategy is to create beneficial partnerships with various companies.

Among various other insurance plans, Digit is one of the insurance companies that launched Go Digit Covid insurance. The coronavirus health insurance of the company is similar to a customized health insurance policy, which helps to cover the hospitalization and treatment costs of the Covid-19 infected persons who have previously registered with Digit.

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Digit Insurance - Revenue Model

Digit Insurance earns the majority of its revenues from its business line of products that includes its insurance plans and their premiums. The general insurance company extends a wide range of insurance plans for health, motor, and travel. Digit clocked in $400 million in annual premiums when last recorded in October 2021.s

Digit Insurance - Funding and Investors

Digit Insurance funding has seen it rise to unicorn status in 2021. The company has raised around $530.8 million in funding over the 8 funding rounds that it saw. The latest funding round that Digit witnessed on January 18, 2022, came from Wellington Hadley Harbor and Ithan Creek Master Investors, where the company raised $70 mn.

According to the PR released by Digit Insurance, dated July 2, 2021, Founder and Chairman of the company, Kamesh Goyal has announced Digit's new fundraising round where the company would raise up to $200 million. The investments of this new round would be led by Sequoia Capital India, IIFL Alternate Asset Managers, and existing investor Faering Capital among others, as per the updates. This round made the total capital infused into the company $442M and is believed to be one of the biggest funding rounds in the history of the Indian insurance industry. With this fundraising round, Digit Insurance was valued at $3.5B.

Digit Insurance's last fundraise of $200 million was yet to be filed by the Ministry of Corporate when the company again raised an amount of ($16.30 mn)Rs 121 crores in a round led by TVS Growth Fund and other high net worth individuals, according to the reports dated August 26, 2021. To raise the sum, Digit has reportedly passed a special resolution of allotting a total of 38,47,427 equity shares at an issue price of Rs 314 per share, according to the recent regulatory fillings.

The current valuation of the company is estimated at $3.54 bn, as of January 2022. ย 

Date Transaction Name Money Raised Lead Investors
January 18, 2022 - $70 million Wellington Hadley Harbor and Ithan Creek Master Investors.
August 26, 2021 Venture Round $16.09 million TVS Capital Funds
July 2, 2021 Venture Round $200 million Sequoia Capital India, IIFL Alternate Asset Managers, Faering Capital and more
January 16, 2021 Venture Round $18.77 million A91 Partners, TVS Capital, Faering Capital
January 21, 2020 Venture Round $84 million A91 Partners, Faering Capital, TVS Capital Funds
June 5, 2019 Venture Round $50 million Fairfax Financial Holdings
July 3, 2018 Venture Round $45 million Fairfax Financial Holdings
June 1, 2017 Venture Round $47 million Fairfax Financial Holdings

Digit Insurance is funded by 4 lead investors. IIFL Asset Management and Faering Capital are the most recent investors of the firm.

Digit Insurance - Growth

Digit Insurance grew by 31.9%, earning a premium of $186 million (Aprilโ€™20 - Decโ€™20) and claimed to have more than 1.5 crore customers since inception. After completing the latest funding round of July 2021, where the company has decided to raise $200 million, Digit Insurance disclosed that it raised a total of $442 million, which currently stands at $530.8M.

In 2020, the company expanded its business by 30%. Two major products helped the company drive growth. One is Covid health insurance and the other one is fire insurance. The company witnessed strong growth in terms of its premium collection due to the above-mentioned factors. Reports say that the vehicle insurance sector is lacking growth but in 2021 things are going to turn normal and the vehicle insurance sector would also experience growth like the other sectors. Though the industry suffered a lot due to the Covid-19 situation, which made people witness a massive drop in the interest rates, the fear in people's minds made them buy Covid health insurance and help insurance businesses grow more than what was estimated.

The coronavirus pandemic has had its repercussions echoing on most of the major industries including the insurance sector, which saw a growth of only 5% last year. Digit Insurance, however, has exhibited a promising growth of 44% despite the pandemic woes.

Digit Insurance has already achieved a wide array of milestones. Here are some of the popular growth highlights of the company:

  • Digit achieved the coveted unicorn valuation in less than 4 years of operation
  • The company boasts of serving 2 crore+ customers
  • Digit saw a whopping 11X growth in the companyโ€™s group health business, which was last recorded at Rs 170 crore
  • Digit Insurance claims to have sold over 79,536 health policies and insured 42.5 lakh lives between March 2020 and September 2021
  • The company grew by 44% with a premium of Rs 3,243 crore, as was noted last in March 2021
  • Digit is hailed as the first Indian company that achieved a unicorn valuation in 2021

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Digit Insurance - Awards and Achievements

Some of the prominent awards and achievements that Digit insurance achieved throughout the years are:

  • Digit Insurance was announced as the General Insurance Company of the Year at the 24th Asia Insurance Industry Awards in 2020
  • It earned the Insurance Startup of the Year - India award, which was awarded by Insurance Asia Awards 2020
  • Asia Insurance Review declared Digit as Asia's Best General Insurance Company of the Year
  • Digit Insurance was one of the Hottest Start-ups in India in 2019
  • In the CMO Confluence & Corporate Awards 2019, Digit was conferred upon the title of the Best General Insurance Company
  • The company ranked 5th among the LinkedIn Top Start-ups of 2018

Digit Insurance - Competitors

The top competitors of the company are Acko, Coverfox, and PolicyBazaar.

  • Acko is the top competitor of Digit Insurance. It is a Mumbai-based company founded in 2016. It also works in the insurance industry.
  • Coverfox is one of the top competitors of Digit Insurance. It was founded in 2013 and is headquartered at Andheri East, Maharashtra, India. It also operates in the insurance sector.
  • PolicyBazaar is also a top rival of Digit Insurance. It was founded in 2008 and is headquartered at Gurgaon, Haryana, India. The company competes in the insurance sector.

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Digit Insurance - Future Plans

Mr Vivek Chaturvedi, CMO, said,

โ€œWe are once again honoured and delighted to receive this prestigious award title of being the General Insurance Company of the Year. At Digit, our constant endeavour is to deliver the best customer experience with products that really matter to our customers. And this recognition is a validation that we are on the right path of simplicity!โ€

The company from 2019 to 2020 has witnessed an 87% of growth in premiums. It has earned massive trust from the customers and is looking forward towards a good customer base along with the 1.4 crores of existing customers.

Digit Insurance is currently eyeing to cross the Rs 6,500 crore-mark in its premia sales when it will be complete it 5 years of operation in October 2022

Frequently Asked Questions - FAQs

Who is the Digit Insurance Founder?

Kamesh Goyal is the Founder of Digit Insurance as well as its chairman.

What insurances does Digit Insurance provide?

Digit Insurance covers insurance policies such as Bike Insurance, Car Insurance Policy, Health and Travel Insurance Policies, Property Insurance, Shop Insurance, Fire Insurance, and many more. It also covers COVID-related insurances.

What is Digit Insurance valuation?

In January of 2021, Digit Insurance raised its valuation to 1.9 Billion, making it the first Unicorn of 2021 in India. The Digit Insurance net worth is currently $3.54 bn.

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