Digit Insurance was founded by Kamesh Goyal as a technology-first insurance company focused on simplifying insurance for customers.
Discover how Digit Insurance founder Kamesh Goyal transformed decades of traditional insurance experience into a technology-first insurer that became India’s first insurtech unicorn.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founder | Kamesh Goyal |
| Education | B.Sc, St. Stephen’s College, Delhi; Law and MBA, Delhi University |
| Prior Ventures | 9 years at The New India Assurance; CEO, Bajaj Allianz General Insurance; senior roles at Allianz Asset Management |
| Role | Founder and Chairman, Digit Insurance |
| Founded | 2016 |
| Sector | InsurTech |
Introduction
Kamesh Goyal had already spent close to three decades in traditional insurance, rising through leadership roles at Bajaj Allianz and Allianz Asset Management, before deciding the industry needed a rebuild rather than a refresh. In August 2016, he resigned from Allianz and incorporated Digit Insurance, originally under the name Oben General Insurance, with the goal of making insurance genuinely simple. (Vanity Stardom; Wikipedia) Eight years later, Digit listed on India’s stock exchanges, becoming one of the country’s most closely watched insurtech IPOs. (Business Standard)
The Digit Insurance Story
Before founding Digit, Goyal began his career at The New India Assurance Company and later spent nearly two decades at Allianz, eventually serving as CEO of Bajaj Allianz General Insurance. (Insurance Business) That long run inside the industry convinced him that insurance had grown needlessly complicated, burdened by dense terms and slow claims processes that left customers frustrated. (Insurance Business)
Goyal applied for an insurance licence in December 2016 and sold Digit’s first policy in October 2017, backed from inception by Canadian billionaire Prem Watsa’s Fairfax Group, which committed $100 million as anchor investor. (Forbes India; businessmodelcanvastemplate.com) The company rebranded to Go Digit General Insurance in June 2017 to better reflect its technology-first approach. (Wikipedia)
From there, Digit scaled rapidly by focusing on fast, mobile-first claims and a fully digital purchase journey, becoming India’s first unicorn insurtech in 2021 at a valuation of $1.9 billion. (Forbes India) After an abandoned 2022 IPO attempt amid weak market conditions, Digit successfully listed on the NSE and BSE in May 2024. (TechCrunch)
Business Model
Digit earns revenue primarily through insurance premiums across multiple product lines, supplemented by investment income:
| Revenue Stream | How It Works |
|---|---|
| Motor insurance premiums | Digit’s largest segment, covering private and commercial vehicles |
| Health insurance premiums | Individual and group health coverage products |
| Crop, fire, and marine insurance | Diversified general insurance lines |
| Investment income | Returns generated on the company’s assets under management |
(Sourced from Entrackr)
Funding and IPO History
| Round/Event | Year | Amount | Key Investors |
|---|---|---|---|
| Early funding | 2017–2020 | Multiple rounds | Fairfax Group, A91 Partners, Faering Capital, TVS Capital |
| Series E | 2021 | Undisclosed | Sequoia Capital India (Peak XV), Ontario Teachers’ Pension Plan |
| Series F | May 2022 | $54.5 million | Existing investors, at a $4 billion valuation |
| IPO | May 2024 | ₹2,615 crore (~$314 million) | Public listing on NSE/BSE |
(Sourced from Tracxn and Business Standard)
Overall, Digit has raised over $460 million to date, and its May 2024 IPO valued the company at roughly $3.2 billion, with the offering subscribed more than 9 times by the close of bidding. (businessmodelcanvastemplate.com; Business Standard)
Revenue and Growth
| Metric | FY24 | FY25 |
|---|---|---|
| Gross Written Premium | ₹9,016 crore | ₹10,282 crore (up 14%) |
| Net Profit | ₹182 crore | ₹425 crore (up 133.5%) |
(Sourced from Business Standard)
Notably, Digit’s assets under management grew 25% year-on-year to ₹19,703 crore by March 2025, while its return on average equity nearly doubled to 13%, reflecting sharper capital efficiency alongside premium growth. (Business Standard)
Digit Insurance vs Competitors
Digit competes with ACKO, Kiwi Insurance, and traditional players like Bajaj Allianz and ICICI Lombard in India’s general insurance market. (Tracxn) Unlike some digital-only rivals, Digit has combined its tech-first distribution with deep underwriting expertise, helped by Fairfax’s decades of global insurance experience.
Key Takeaways
- Kamesh Goyal founded Digit Insurance in 2016 after nearly three decades in traditional insurance leadership roles.
- The company became India’s first insurtech unicorn in 2021 at a $1.9 billion valuation, backed by Fairfax Group.
- Digit listed on the NSE and BSE in May 2024, raising ₹2,615 crore in its IPO.
- FY25 gross written premium grew 14% to ₹10,282 crore, while net profit more than doubled to ₹425 crore.
- The company competes with ACKO, Kiwi Insurance, and established players like ICICI Lombard.
FAQs
Who founded Digit Insurance?
Kamesh Goyal founded Digit Insurance in 2016, after previously leading Bajaj Allianz General Insurance.
Is Digit Insurance a public company?
Yes, it listed on the NSE and BSE in May 2024 following a ₹2,615 crore IPO.
How much funding has Digit Insurance raised?
Over $460 million, reaching a valuation of roughly $3.2 billion at its 2024 IPO.
Who are Digit Insurance’s competitors?
ACKO, Kiwi Insurance, and established insurers like ICICI Lombard and Bajaj Allianz.
© The Founder Nation | Written by TFN Research Desk
