Digit Insurance’s annual revenue exceeds Rs 5,000 crore
Achieved in less than five years, insurtech startupreported Rs 5,268 crore in gross written premiums in FY21-22.
With this milestone, unicorn is now one of the fastest growing private general insurers in India with revenues of over Rs 5,000 crore in a year.
Led by its motor vehicle, property and healthcare businesses, the company reported growth of 62 percent, while overall industry growth stood at 10.9 percent.
From its motor portfolio, Digit posted revenues of Rs 3,276 crore, with its market share (for auto business) rising to 4.7 percent in FY21-22 from 3.7 percent in FY20-21. Since its inception, the company has served 99.56% of India’s total postal codes.
In FY21-22, Digit sold over 77.6 lakh policies across all products, an increase of 40 percent over the previous financial year. Additionally, its healthcare portfolio saw a growth of 132 percent in FY 20-21, led by the group business.
Digit’s loss ratio — a metric that represents the ratio of losses to earned profits — narrowed for both the health and fire segments. The attrition rate has come down significantly to 47 percent in FY21-22 from 69 percent in the previous year.
Jasleen Kohli, MD and CEO, Digit Insurance said, “Given our innovative group healthcare products, we have seen strong growth across our healthcare portfolio in FY21-22. We have also been able to successfully reduce the loss ratio by improving our underwriting models and claims management process. To support our overall business growth, we will continue to focus on implementing advanced technology tools to enable our partners and customers.”
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ED seizes Rs 5,551 Cr deposits of Chinese smartphone giant Xiaomi for FEMA violation
The Enforcement Directorate on Saturday “seized” a fund worth over Rs 5,551 crore of Chinese mobile device maker Xiaomi for violating India’s foreign exchange law, officials said.
In a press release following the ED’s statement, Xiaomi India said its operations in the country are “strictly compliant with local laws and regulations”. The company is a trader and distributor of mobile phones for the country under the MI brand.
“Xiaomi India is a wholly-owned subsidiary of China-based Xiaomi Group and Rs 5,551.27 crore held in the company’s bank accounts have been seized by the Enforcement Directorate,” the agency said in a statement.
The seizure was made under sections of the Foreign Exchange Management Act (FEMA) after the federal agency opened an investigation into the company in connection with alleged “illegal remittances” sent overseas by the Chinese firm in February.
Xiaomi started operations in India in 2014 and started remittances the following year, the agency said.
“The company has transferred the foreign exchange equivalent of Rs 5,551.27 crore to three foreign-based entities, which include one person of the Xiaomi Group, under the guise of royalty,” the ED said.
In a statement, a Xiaomi spokesperson said that “as a brand committed to India, all our operations are strictly in compliance with local laws and regulations. We have carefully studied the order from the government authorities. We believe that our royalty payments and bank statements are all legal and correct. These royalty payments that Xiaomi India made were for the licensed technologies and IP addresses used in our Indian version products.”
“It is a legitimate commercial arrangement for Xiaomi India to make such royalty payments. However, we are committed to working closely with government authorities to clear up any misunderstandings,” the spokesperson added.
[Funding alert] Securonix adds four new strategic investors to its $1B+ growth round
Cyber security company based in Texas, USAadded Capital One Ventures, Snowflake Ventures, Verizon Ventures and Wipro Ventures in its $1 billion+ growth round led by Vista Equity Partners, which focuses on enterprise software, data and technology-enabled businesses.
These strategic investments will enable Securonix to build and expand relationships with existing customers and partners as it continues to set the standard for cloud security analytics and operations.
Sachin Nayyar, CEO of Securonix, said: “The collection of strategic investments and technology partnerships will help Securonix with broader solution offerings, an expanded global footprint and accelerate our trajectory as one of the next big companies in cybersecurity. “
Qualcomm, MeitY’s C-DAC partner to support Indian semiconductor startups
Qualcomm India has partnered with the Center for Development of Advanced Computing (C-DAC), an autonomous scientific society under the Ministry of Electronics and Information Technology (MeitY), to conduct the Qualcomm® Semiconductor Mentorship Program (QSMP) 2022 for selected startups in the space of semiconductors in India.
C-DAC will be a program partner that will provide and facilitate mentorship, technical training and industry outreach, as well as facilitate pitching for participating startups.