FinTech news in fairfax category

Digit, founded by Kamesh Goyal, an ex-KPMG executive with more than three-decades of experience in the insurance industry, says it has simplified the process of buying insurance, allowing users the ability to self-inspect, claim submissions and process service requests from their smartphones. The startup, which also counts Fairfax Group, Indian cricketer Virat Kohli and TVS Capital among its backers and has raised over $540 million from them, says its motor insurance coverage generated $413 million in gross written premium in the financial year that ended in March. The five-year-old startup, which sells auto, health and travel insurance, is part of a group of firms that is attempting to expand the number of individuals in India that buy insurance coverage. The Indian startup, whose valuation jumped to $3.5 billion in a Sequoia India-led financing round last year, said in a filing to the local regulator Tuesday that it plans to raise up to $157.5 million through issue of new shares while existing shareholders plan to sell about 109.45 million shares.