Non-life insurance company Digit Insurance has collected unknown funds from its existing investors. Non-life insurance companies are those companies that provide compensation related to financial events like theft, fire, home policies, etc.
Current funding helped Digit in securing the unicorn title. With the unicorn status, it became the first company in 2021 to do so. Unicorn status is awarded to those private startup companies having a valuation of over $1 billion.
Digit Insurance Latest Funding
As per the Times of India report, the current undisclosed amount of funding is equivalent to 135 crores. With that amount, Digit Insurance has reached the total valuation of approximately $1.9 billion.
From its beginning in 2016, Digit Insurance is backed by the Canadian investor Prem Watsa’s Fairfax group. It invested $140 million into Digit Insurance. Fairfax and Goyal being the main investors, hold 88% shares of Digit.
From other investors like TVS Capitals, A91 Partners, and Faering Capital, Digit raised $84 billion. These three investors hold around 11% stakes in Digit insurance.
Latest Growth and other Statistics of Digit
Kamesh Goyal founded Digit Insurance in 2016. He is a known name in the insurance field. Kamesh has 30 years of vast experience working in insurance companies like Bajaj Allianz life insurance, and Allianz Insurance.
Digit Insurance saw a growth of around 32% in 2020. It is surprising to see such growth when the whole industry had a growth of 0.1%. As per Digit’s claim, the company has also observed growth in the first quarter of Financial Year 2021.
Digit is known for its unique insurance policies in the Covid-19 pandemic. The company introduced group insurance. As per this insurance, a person gets protection against 8 deadly diseases like Covid-19, Zika Virus, Malaria, Dengue.
Digit Insurance also became the only company featured in the list of 250 top fintech companies worldwide. CB Insights prepared this list based on different parameters.
Digit Insurance is known for its technology-oriented solutions. While other insurance companies are still following the traditional methods, Digital is providing insurance facilities through mobile-based applications.
New India Assurance is the main rival of Digit Insurance. The company is the largest Non-life Insurance Company in India with a total valuation of $3 billion.