Sequoia India-backed Digit Insurance files for $440 million IPO
Indian insurer Digit has filed for an initial public offering, looking to raise about $440 million even as many of its local peers have deferred plans to list publicly in the South Asia nation. 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. It didn’t say exactly how much it is planning to raise in the public offering, but a person familiar with the matter told TechCrunch that the startup is eyeing to raise about $440 million in total. 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. Digit, founded by Kamesh Goyal, an ex-KPMG executive with over three-decade experience in the insurance industr
