daily summary (April 30, 2022)

Digit Insurance’s annual turnover exceeds Rs 5,000 Cr

Achieved in less than five years, insurtech start-up Digit Insurance reported 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 over Rs 5,000 crore in revenue in a single year.

Led by its automotive, real estate and healthcare business segments, the company recorded growth of 62%, while overall sector growth was 10.9%.

From its automotive portfolio, Digit achieved revenue of Rs 3,276 crore with its market share (for automotive business) growing to 4.7% in FY21-22 from 3 .7% in fiscal year 20-21. Since its inception, the company has served 99.56% of the total Indian postcodes.

In FY21-22, Digit sold over 77.6 lakh of policies across all products, an increase of 40% over the prior fiscal year. In addition, its health portfolio grew by 132% in fiscal year 20-21, driven by group activities.

Digit’s loss rate – a metric that represents the ratio of losses to profits made – narrowed for the health and fire segments. His health drop rate has dropped significantly to 47% in FY21-22 from 69% the previous year.

Jasleen Kohli, MD and CEO, Digit Insurance, said: “Given our innovative group health products, we experienced strong growth in our health portfolio in FY21-22. We have also succeeded in reducing our claims ratio by improving our underwriting models and our claims management process. To support our overall business growth, we will continue to focus on deploying advanced technology tools to empower our partners and customers.

Image source: Shutterstock

ED seizes Rs 5,551 Cr deposits from Chinese smartphone giant Xiaomi for FEMA violation

The Law Enforcement Branch on Saturday ‘seized’ a fund worth Rs 5,551 crore from Chinese mobile phone maker Xiaomi for breaching India’s foreign exchange law, officials said .

In a press release after the ED statement, Xiaomi India said its operations in the country were “firmly compliant with local laws and regulations”. The company is a mobile phone marketer and distributor in the country under the MI brand.

“Xiaomi India is a wholly-owned subsidiary of China’s Xiaomi Group, and Rs. communicated.

The seizure was made under sections of the Foreign Exchange Management Act (FEMA) after an investigation was launched by the federal agency against the company in connection with alleged “illegal remittances” sent to abroad by the Chinese company in February.

Xiaomi began operations in India in 2014 and started handing over the money the following year, the agency said.

“The company paid foreign currency equivalent to Rs 5,551.27 crore to three overseas-based entities, including a Xiaomi Group entity, under the guise of royalties,” the ED said.

In a statement, a Xiaomi spokesperson said “as a committed brand in India, all of our operations strictly comply with local laws and regulations. We have carefully studied the order of government authorities. We believe that our payments of royalties and our statements to the bank are all legitimate and true.These royalty payments made by Xiaomi India were for licensed technologies and IP addresses used in our Indian version products.

“It is a legitimate business deal for Xiaomi India to make such royalty payments. However, we are committed to working closely with government authorities to clarify any misunderstandings,” the spokesperson added.

[Funding alert] Securonix adds four new strategic investors to its $1 billion+ growth round

Texas, US-based cybersecurity firm Securonix has added Capital One Ventures, Snowflake Ventures, Verizon Ventures and Wipro Ventures to its billion-plus growth round led by Vista Equity Partners, which will focuses on enterprise software, data and technology. activated companies.

These strategic investments will allow Securonix to build and expand relationships with existing customers and partners while continuing to set the standard for cloud-native 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 of the Ministry of Electronics and Information Technology (MeitY), to conduct the Qualcomm® Semiconductor Mentorship Program ( QSMP) 2022 for some startups in the semiconductor space in India.

C-DAC will be an outreach partner for the program that will provide and facilitate mentorship, technical training and industry outreach, as well as facilitate exposure for participating startups.

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