Digit Insurance becomes the first Indian unicorn of 2021 as existing investors pump in funding, pushing valuation to $1.9 billion
- Digit Insurance has raised an undisclosed amount of funding from existing investors.
- The startup was founded by Kamesh Goyal in 2016 and is backed by Canadian billionaire Prem Watsa’s Fairfax group.
- The five-year old startup claims that in 2020, it grew by 31.9%.
AdvertisementInsurtech startup Digit Insurance has raised an undisclosed amount of funding from existing investors. With the latest investment, the Canadian billionaire Prem Watsa-backed startup has hit a valuation of $1.9 billion.
Founded by Kamesh Goyal, an insurance veteran with over 30 years of experience in companies like Allianz Insurance and Bajaj Allianz Life Insurance, Digit Insurance also claims to have recorded profit on a quarterly basis in FY21.
The five-year old startup claims that in 2020, it grew by 31.9%.
|Premium earned (April 2020- December 2020)||No. of customers|
|$186 million||1.5 crore|
During the COVID-19 pandemic, the startup introduced several policies, including a Group Insurance that will protect an individual against COVID-19 and 7 Vector-borne diseases like dengue, malaria, filariasis (payable only once in a lifetime), kala azar, chikungunya, Japanese encephalitis and the zika virus.
Digit Insurance was founded by Goyal in 2016 and is backed by Canadian billionaire Prem Watsa’s Fairfax group. Watsa had initially pumped in $140 million into the insurtech startup, while from investors A91 Partners, Faering Capital, and TVS Capital it had raised $84 million.
In 2020, the startup was also listed in the global Fintech 250 list by CB Insights, being the only Indian company to do so.
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