Sequoia Capital joins $200m round of Indian insurtech unicorn

Indian insurtech firm Digit Insurance (Digit) announced it has raised US$200 million in its latest round of funding at a valuation of US$3.5 billion.

More funding details

• Returning investor: Faering Capital
• New investors: Sequoia Capital India and IIFL Alternate Asset Managers, among others
• Stage: Unspecified

More company updates

• The fresh financing round would bring the total funds raised by Digit to US$442 million, the company said in a statement.
• Since it’s inception, Digit has processed over 400,000 claims and currently has 20 million customers on its platform.
• According to the company, it posted a 70% growth in its gross written premiums between April 2021 and May 2021.
• In January, Digit hit unicorn status after raising US$18.5 million from existing investors, bringing its valuation to US$1.9 billion.
• The Fairfax-backed company aims to simplify insurance by using cloud-based technology like smartphone-enabled self-inspection and audio claims. Its portfolio of products includes motor, travel, property, and health insurance.
• The firm held a 1.2% market share of the overall general insurance industry in India, it noted in January last year.
• Digit counts TVS Capital Funds, A91 Partners, and also its employees as investors of the company.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.