FinTech news in digit category

Founded by Kamesh Goyal, an ex-KPMG executive with more than three decades of experience in the insurance industry, Digit has simplified the process of buying insurance, allowing users the ability to self-inspect, claim submissions and process service requests from their smartphones, it said in the filing last month. The Securities and Exchange Board of India (SEBI), the Indian market regulator, updated the status of Fairfax-backed Digit to note that it had moved the process of issuance of observations for the startup’s filing into abeyance. The Indian startup, valued at $3.5 billion and which also counts Sequoia Capital India, TVS Capital, A91 Partners and cricketer Virat Kohli and actress Anushka Sharma among its backers, filed the draft red herring prospectus to go public last month. SEBI’s move comes at a time when several local startups, including budget hotel chain Oyo and financial services platform MobiKwik, have delayed their IPO plans as they closely monitor the condition of the global market, which has reversed much of the gains from the 13-year bull run.