Virat Kohli-backed fintech Digit valued at $3.5 billion after fresh funds
This is one of the largest funding rounds for India’s fast-expanding insurance market that has players like Acko, backed by Amazon
- Jul 2, 2021,
- Updated Jul 2, 2021 1:07 PM IST
Captain of the Indian cricket team Virat Kohli-backed fintech startup Digit has boosted its valuation to $3.5 billion after a fresh funding round. Digit is raising $200 million from Sequoia Capital India, and existing investor Faering Capital Pvt.
This is one of the largest funding rounds for India’s fast-expanding insurance market that has players like Acko, backed by Amazon. The company had become a unicorn when it was valued at $1.9 billion in January. It has raised a total of $442 million and almost doubled its valuation, stated a report in Bloomberg.
Digit will make the process of buying cover, submitting claims and receiving payments easier in an attempt to expand India’s base of the insured. The startup provides health, travel and auto insurance. The company said in a statement that the latest round is subject to regulatory approvals.
Founded in 2017 by ex-KPMG executive and insurance industry veteran Kamesh Goyal, the startup was first called Go Digit General Insurance Co. Virat Kohli, TVS Capital Funds and Canadian billionaire Prem Watsa were among its early backers. Watsa was, in fact, its first investor. The startup now has 20 million customers and has processed nearly half a million claims.
Digit also said that it launched the world's first COVID-19 health insurance product in February 2020. It now covers 3.5 million Indians.
Goyal said that India’s insurance penetration is in low single digits. The market share is mostly dominated by state-owned insurers. “The fintech segment is just moving into the spotlight. With India’s fast-expanding economy, general insurance has great growth potential,” he said.
Also read: Unicorn in the making: Zomato money to take Grofers’ valuation over $1 billion Also read: upGrad to raise $400 million, join unicorn club
Captain of the Indian cricket team Virat Kohli-backed fintech startup Digit has boosted its valuation to $3.5 billion after a fresh funding round. Digit is raising $200 million from Sequoia Capital India, and existing investor Faering Capital Pvt.
This is one of the largest funding rounds for India’s fast-expanding insurance market that has players like Acko, backed by Amazon. The company had become a unicorn when it was valued at $1.9 billion in January. It has raised a total of $442 million and almost doubled its valuation, stated a report in Bloomberg.
Digit will make the process of buying cover, submitting claims and receiving payments easier in an attempt to expand India’s base of the insured. The startup provides health, travel and auto insurance. The company said in a statement that the latest round is subject to regulatory approvals.
Founded in 2017 by ex-KPMG executive and insurance industry veteran Kamesh Goyal, the startup was first called Go Digit General Insurance Co. Virat Kohli, TVS Capital Funds and Canadian billionaire Prem Watsa were among its early backers. Watsa was, in fact, its first investor. The startup now has 20 million customers and has processed nearly half a million claims.
Digit also said that it launched the world's first COVID-19 health insurance product in February 2020. It now covers 3.5 million Indians.
Goyal said that India’s insurance penetration is in low single digits. The market share is mostly dominated by state-owned insurers. “The fintech segment is just moving into the spotlight. With India’s fast-expanding economy, general insurance has great growth potential,” he said.
Also read: Unicorn in the making: Zomato money to take Grofers’ valuation over $1 billion Also read: upGrad to raise $400 million, join unicorn club