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RBI holds rates steady, sees economic recovery taking root

October 9, 2020

By Swati Bhat, Euan Rocha

MUMBAI (Reuters) – The Reserve Bank of India (RBI) left key interest rates unchanged on Friday as widely expected, while keeping policy accommodative to help pull the coronavirus-ravaged economy out of its worst slump in four decades.

FILE PHOTO: A worker walks past the logo of Reserve Bank of India (RBI) inside its office in New Delhi, India July 8, 2019. REUTERS/Anushree Fadnavis

India’s economy has been the worst hit by the pandemic among major countries and new infections continue to climb, but RBI Governor Shaktikanta Das said there were some encouraging signs of a business turnaround and activity could return to growth in the January-March quarter.

As expected, the monetary policy committee (MPC) kept the repo rate, its key lending rate, at 4.0%, while the reverse repo rate or the key borrowing rate stayed at 3.35%.

The RBI has slashed the repo rate by

Root Insurance, a US-based insurtech, has filed for an IPO

October 8, 2020

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Root Insurance is targeting a $6 billion valuation in an upcoming IPO.
It’ll likely succeed thanks to its improving loss ratio and the increasing demand for usage-based auto insurance.
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The US-based insurtech has filed for an IPO, per TechCrunch. Root has raised a total of $523 million in funding to date and is valued at $3.7 billion, though it’s targeting a $6 billion IPO valuation. The full-stack insurtech sells auto, renters, and homeowners insurance, and is currently available in 29 states.

the global usage based insurance market

Root Insurance is targeting a $6 billion valuation in an upcoming IPO.

Business Insider Intelligence

Root is disrupting the $266 billion auto insurance industry through its use of IoT and AI, and has expanded its coverage to break into other markets. The insurtech collects users’

Personal Lines Insurtech Root Files IPO Proposal with SEC

October 6, 2020

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Root, Inc., the parent company of Root Insurance Co., has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock.

The number of shares to be offered and the price range for the proposed offering have not yet been announced. Root said it intends to list its common stock on the Nasdaq Stock Market, under the ticker symbol ROOT.

As of last September, Root had raised a total of $523 million in funding, with an additional $100 million in debt financing. Root said that last round, led by DST Global and Coatue, raised its valuation to $3.65 billion.

Columbus, Ohio-based Root operates through a mobile app that uses smartphone technology, telematics and data science. The insurer has begun selling renters and home insurance in addition to its primary offering, auto insurance.

At the end of 2019, Root reported a net

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