MUMBAI: Cloud-based basic insurance coverage firm Digit Insurance coverage’s web loss shrank sharply in monetary 12 months 2020-21 (FY21) following sturdy income progress throughout the 12 months.
The corporate, owned and operated by Go Digit Infoworks Companies Pvt Ltd, reported a consolidated web lack of ₹58.67 crore for FY21, down from ₹193 crore loss for FY20, as per filings with the Ministry of Company Affairs (MCA). Throughout the 12 months underneath evaluation, the corporate’s consolidated income from operations surged greater than 56% to ₹1,943 crore, taking complete consolidated income to ₹2,324 crore.
Digit Insurance coverage’s bills additionally rose sharply throughout FY21. The corporate reported consolidated complete bills of ₹2,358 crore for the 12 months towards ₹1,619 crore for FY20, led by a pointy rise in its different bills, which embrace hire, phone postage, authorized expenses, amongst different heads.
The Fairfax-backed firm, turned unicorn, or a personal firm with $1 billion in valuation, in January 2021, turning into the primary firm to affix the coveted unicorn membership in 2021. As many as 45 firms have turned unicorns since then. Digit Insurance coverage had seen a dip in demand for its key enterprise vertical–motor insurance–when the nation went right into a lockdown in March 2020. VCCircle had reported that Digit had rapidly rolled out a number of COVID-19 associated merchandise aimed to cowl folks throughout ages, professions and dangers, to maintain its enterprise operating.
Digit had additionally curated a need-based product with insurance coverage regulator IRDAI, in early 2020. This product finally led to the launch of the nation’s first Covid-19 insurance coverage product in February 2020.
The corporate had launched a Group Covid Insurance coverage product focussed on small and medium enterprises (SMEs) and huge organisations overlaying 20 lakh lives. It had launched a single cowl for eight viral ailments together with covid-19, dengue and Zika virus an infection.
The Bengaluru-based firm was based by Kamesh Goyal in 2017. Earlier than Digit, Goyal headed H8 – asset administration and US life insurance coverage, for Allianz Asset Administration. The corporate has investments from cricketer Virat Kohli and actor Anushka Sharma, together with 91 Companions, TVS Capital and Faering Capital.
Supply: Live Mint