Digit Insurance, an Indian insurtech startup, has raised $44m (INR3.02bn) in its second round of funding from Fairfax Holdings.

Additionally, Fairfax also invested $1m (INR68m) in Digit Infoworks, the parent company of Digit Insurance.

Set up in 2016, Digit Insurance is an online general insurance company building a technology platform that can offer customised and cost-efficient insurance products and services.

With the latest funding, the company has raised a total of $94m (INR6.65bn) till date. Last year, Digit Insurance secured an investment of INR3.85bn from Fairfax.

The online general insurance firm plans to spend the money to roll out new lines of products and expand its distribution network across the country.

Digit Insurance founder and chairman Kamesh Goyal said: “Our long-term investment is directed towards bringing in technology that can automate and fasten processes and resolve customer pain points.”

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Fairfax Holdings, through its subsidiaries, provides property and casualty insurance and reinsurance and investment management services.