Virat Kohli financed Digit Insurance increasing valuation to $3.5 billion
Digit Insurance raises $200 million and reaches the valuation of $3.5 billion
Digit Insurance is raising $200 million with existing investor Faering Capital. A new investor Sequoia Capital India, IIFL Alternate Asset Managers, and a few others in their latest round of funding. The value of funding values Digit at $3.5 billion. One of the largest's funding rounds in India's rapidly expanding insurance market also targeted rival startups, which includes Amazon.com, Inc.-backed Acko.
The fundraising is subject to the approval of the Insurance Regulatory and Development Authority of India (IRDAI).
Digit with a valuation of $1.9 billion became the first unicorn of the year in January 2021. Reportedly said the insurer achieved a $1 billion-plus valuation in three years of operations after existing investors pumped in Rs 135 Crore of additional capital in January 2021.
Reportedly the company will be focusing on increasing insurance penetration and simplifying the process by way of technology.
TVS Capital Funds, A19 Partners, Indian Cricket Team Captian (Men's) Virat Kohli, and the employees of Digit are one of the investors in Digit