Insurtech Digit Insurance has gained approval from IRDAI to raise $84m of funding from growth investors.

The three growth equity investors are A91 Partners, Faering Capital and TVS Capital. This would bring Digit’s overall funding to $224m.

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Employees have also invested. 72 members of Digit staff brought in $4.34m as a part of this funding round.

Within its first two years of operation, Digit now serves more than five million customers and has earned close to $300m of annualised premium. In addition, it has a 1.2% market share of general insurance in India.

Kamesh Goyal, founder and chairman of Digit, said, “We are glad that we have earned the trust of five million customers in just two years of operations and have gained 1.2% market share in the general insurance industry as well. The confidence that our investors & our employees have shown in our mission of Making Insurance Simple is very heartening. And this round of funding will further help us in doing that. Happy to be associated with our new investors in our journey to build India’s simplest insurance company!”

Gopal Srinivasan, chairman, TVS Capital Funds, added: “From insurance to insurtech – the industry is going through a basic transformation, and Go Digit Insurance is at the cutting edge of this change. With their approach focused on customer-centricity, prudent underwriting and technology for operational excellence, we are excited to partner with Kamesh and see the new phase of insurance touch many lives in India, via a simplified user experience.”

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Aditya Parekh, co-founder and managing director of Faering Capital, continued: “Our investment in Digit is based on our thesis to back market leading companies pursuing large opportunities in financial services in India. Digit is uniquely poised to become a dominant player in the general insurance industry and we are excited to offer our expertise and partner with Kamesh and his team in their exciting journey of delighting customers with innovative yet simple products and services.”