digit insurance

Digit’s founder-Chairman Kamesh Goyal is a veteran of the insurance industry with close to 33 years’ work experience

Canadian billionaire Prem Watsa-backed Digit Insurance has filed draft papers for an initial public offering (IPO). As per the documents, the company is looking to raise Rs 1,250 crore from a fresh issue of shares and through an offer for sale of 10.94 crore equity shared for an undisclosed amount.

Sources, however, said the total size of the IPO is likely to be around Rs 3,500 crore.

In an interaction with Moneycontrol on July 25, chairman and founder Kamesh Goyal had said Digit Insurance would assess the timing of its IPO based on market conditions after the company completes five years since its inception in October.

The Insurance Regulatory and Development Authority of India (IRDAI) norms do not allow promoters to sell a stake before five years.

Digit has also applied to the IRDAI seeking licences to set up a life insurance and a reinsurance entity.

Valued at $3.5 billion, the company raised a total of $284 million in 2021. Besides Fairfax Holdings, the company counts Sequoia Capital India, A91 Partners, Faering Capital, TVS Capital and cricketer Virat Kohli as its investors.

(This is a developing story. Please check back for updates.)​

TECH NEWS RELATED

Meta’s Make-A-Video AI achieves a new, nightmarish state of the art

Meta’s researchers have made a significant leap in the AI art generation field with Make-A-Video, the creatively named new technique for — you guessed it — making a video out of nothing but a text prompt. The results are impressive and varied, and all, with no exceptions, slightly creepy. We’ve ...

View more: Meta’s Make-A-Video AI achieves a new, nightmarish state of the art

Mark Zuckerberg tells Meta the company will freeze hiring and cut costs

After a decade of explosive growth, the company formerly known as Facebook is planning to trim down. Bloomberg reports that Meta CEO Mark Zuckerberg announced plans to freeze hiring and restructure some groups within the company Thursday in an internal all-hands call. According to Bloomberg, Meta plans to shrink ...

View more: Mark Zuckerberg tells Meta the company will freeze hiring and cut costs

Twitter is adding a new TikTok-like full-screen video feature

Twitter is adding new features to make it easier for users to watch and discover videos on its platform, the social network announced on Thursday. Most notably, the company is launching a scrollable TikTok-like scrollable video feed. In the coming days, users on iOS will be able to click on ...

View more: Twitter is adding a new TikTok-like full-screen video feature

8 investors weigh in on the state of insurtech in Q3 2022

Insurtech companies have been among the biggest victims of the public market selloff, especially those that went public in 2021. Notably, Metromile saw its valuation decline over 85% and was subsequently acquired by peer Lemonade, and it hasn’t been alone in losing a lot of value and being eyed ...

View more: 8 investors weigh in on the state of insurtech in Q3 2022

Despite its many troubles, the insurtech market is ‘far from dead,’ investors say

When insurtech company Metromile went public via a special purpose acquisition company (SPAC) in February last year, it was valued at over $1 billion. A year and five months later, Lemonade acquired the company for less than $145 million. As the markets turned early this year, insurtech left most ...

View more: Despite its many troubles, the insurtech market is ‘far from dead,’ investors say

It’s a sprint, not a marathon

Here’s a question for you: How seriously should we take Amazon’s home robotics play? Perhaps a better way of framing it is: When do we take Amazon’s home robotics play seriously? I realize these sound like pointed questions, and I should specify that they’re not really specific to Amazon. They’re ...

View more: It’s a sprint, not a marathon

TikTok breaks records as top grossing app in Q3, as overall app store revenue declines

Consumers reduced their mobile app spending in the third quarter of 2022 by roughly 5%, but the social video app TikTok just delivered another record-breaking quarter on this front. For the fourth straight quarter in a row, TikTok continued its streak as the app that has ever generated the most ...

View more: TikTok breaks records as top grossing app in Q3, as overall app store revenue declines

Tokenization is key to linking TradFi to the blockchain

As more and more traditional institutions begin to dabble in digital assets, some believe the best way for both old-school finance and decentralized finance (DeFi) to grow together is through a cross-chain world and tokenization. At Chainlink’s SmartCon 2022 conference, the “Bridging Traditional Finance and DeFi” panel discussed how ...

View more: Tokenization is key to linking TradFi to the blockchain

VCs at Index Ventures, Serena Ventures, NEA and Volition Capital join Startup Battlefield judges

New York follows California mandating zero-emissions vehicles by 2035

Now with VC backing, Ride1Up is producing affordable mid-drive ebikes, like the Prodigy

Pitch Deck Teardown: Rokoko’s $3M strategic extension deck

Finally. Lordstown Motors, Foxconn begin Endurance EV production

Google pulls the plug on Stadia

Tesla’s mythical Cybertruck will also be a temporary boat because why not

Reflect brings data visualization to HR teams

All Facebook and Instagram users in the US can now share NFTs, cross-post between both apps

The upcoming TripActions IPO has us hype

Dating app Inner Circle adds a suite of anti-ghosting features

Binance founder Changpeng ‘CZ’ Zhao shares his vision of web3 opportunities at TC Sessions: Crypto

OTHER TECH NEWS

Top Car News Car News