IndiaTechDesk - India's Leading Tech and Startup Media Publication
  • Home
  • TOPICS
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Business
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Ecosystem & Lists
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • Investments
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • enterprise
    • SaaS
    • Venture capital
  • Interviews
  • Events
No Result
View All Result
  • Home
  • TOPICS
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Business
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Ecosystem & Lists
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • Investments
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • enterprise
    • SaaS
    • Venture capital
  • Interviews
  • Events
No Result
View All Result
IndiaTechDesk - India's Leading Tech and Startup Media Publication
No Result
View All Result
Home FinTech

Virat Kohli backed Digit’s valuation soars to $3.5 billion after fresh round of funding

IndiaTechDesk Editor by IndiaTechDesk Editor
July 5, 2021
in FinTech, Indian Startups
65 5
0
Digit Brand Ambassador

Kohli backed Digit's valuation soars to $ 3.5 billion

226
SHARES
1.7k
VIEWS
Share on FacebookShare on Twitter

Ace Indian cricketer-backed fintech startup Digit raised fresh funding taking its valuation to $3.5 billion. According to a statement on Friday, the company is raising $200 million from Sequoia Capital India, existing investor Faering Capital Pvt and others. The capital will be used to secure insurance customers via mobile technology.

It is one of the highest funding rounds witnessed in India’s booming insurance sector with competitors like Amazon.com Inc.-backed Acko. Digit is trying to grow India’s base of the insured by buying the cover, submitting claims and receiving payments easier. The company facilitates smartphone-enabled self-inspection and claim submissions by speech and processes service requests via text messaging.

Founded in 2017 by Kamesh Goyal, the platform has provided insurance to more than 20 million customers and processed 400,000 claims. Digit’s first investor was Canadian billionaire Prem Watsa who is of Indian origin. The company’s early backers also included India star batsman Virat Kohli and TVS Capital Funds.

Digit’s fintech performance

The platform’s total policy renewal rates stand at 60 percent for private car insurance, 75 percent for its retail health insurance category, and 90 percent for insurance covers provided by corporates. Further, 20 percent of insurance covers sold on the platform are purchased by corporate clients for their employees.

The startup provides health, travel and auto insurance and in a statement, it said the new funding round is subject to regulatory approvals. The company, formally called Go Digit General Insurance Co., became a unicorn in January after a valuation of $1.9 billion. It’s now almost doubling up its valuation and has raised a total of $442 million.

Sales grew 44 percent in the financial year ending March and the company has turned profitable, a rarity among India’s digital startups. Digit was the first insurance tech startup that came up with the Covid health insurance product concept in February 2020. It now caters to 3.5 million Indians for the infection.

India’s insurance penetration is in the low single digits, Goyal said. “State-owned insurers dominated the market, but private companies have recently gained market share. The fintech segment is just moving into the spotlight. With India’s fast-expanding economy, general insurance has great growth potential,” he added.

Tags: Coronavirus IndiaFintechfundingindian startupUnicorn
IndiaTechDesk Editor

IndiaTechDesk Editor

IndiaTechDesk is part of beSUCCESS Media group, focusing on Indian startup and tech news, trends and analysis. Write to us at [email protected]

Related Posts

Rural Fintech Startup Jai Kisan Raises $50 million in Series B Funding Round
FinTech

Rural Fintech Startup Jai Kisan Raises $50 million in Series B Funding Round

July 29, 2022
India Third-largest Startup Ecosystem with 83 Recognized Unicorns, Economic Survey 2021-22
Indian Startups

Number of Recognized Startups Goes Up By 15400% in Six Years, Smaller Cities Driving the Growth in India

July 28, 2022
B2B Lending Platform Progcap adds Google to its Investor’s List
FinTech

B2B Lending Platform Progcap adds Google to its Investor’s List

June 29, 2022
B2B Fintech Startup FinBox Secures $15 million in its Series A to Focus on SEA Expansion
FinTech

B2B Fintech Startup FinBox Secures $15 million in its Series A to Focus on SEA Expansion

June 20, 2022
Observability Platform KloudMate Bags Pre-Seed Level Funding from JITO Angel Network
Indian Startups

Observability Platform KloudMate Bags Pre-Seed Level Funding from JITO Angel Network

May 30, 2022
Indian Webtoon and Web3 Startup Toonsutra Closes Pre-Seed Round
Indian Startups

Indian Webtoon and Web3 Startup Toonsutra Closes Pre-Seed Round

March 22, 2022
No Result
View All Result

Follow Us

FREE NEWSLETTER

 




PRODUCTS

ABOUT US

IndiaTechDesk is obsessed with the Indian startup ecosystem, offering intelligent, engaging coverage of the innovations, emerging startups, and entrepreneurship in India.....read more

MORE FROM OUR NETWORK


  • ktd

  • atd

  • itd

  • ktt

  • kgd

  • kpp

  • ktp

  • kpoppost

  • ustechtimes
Categories
  • Accelerator
  • AI & Big Data
  • AR & VR
  • Bitcoin
  • Blockchain
  • Business
  • Clean Technology
  • Competitions
  • Content & Games
  • Coronavirus
  • Cryptocurrency
  • Cybersecurity
  • E-commerce
  • Ecosystem & Lists
  • Education
  • enterprise
  • Enterprise & SaaS
  • entertainment
  • Events
  • featured
  • FinTech
  • Gadgets & Electronics
  • Gaming
  • Guide
  • Health & Bio
  • Incubator
  • Indian Startups
  • Indian Women
  • Insurance
  • Interviews
  • Investments
  • IoT
  • Manufacturing
  • Market
  • Marketplaces & E-commerce
  • Regulation
  • Robotics
  • SaaS
  • Transportation & Logistics
  • Travel
  • Uncategorized
  • Venture capital
  • “Contact: [email protected]”
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
  • About Us

Copyright © 2022 indiatechdesk.com

No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

Copyright © 2022 indiatechdesk.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In