Digit Insurance raises $200 million at a $3.5 billion valuation

Earlier this month, Digit Insurance announced it has closed a $200 million funding round from existing investor Faering Capital and new investors Sequoia Capital India, IIFL Alternate Asset Managers and others, bringing the total funding raised to $444 million.

Founded in 2016 and launched in October 2017, Digit Insurance is a Fairfax-backed insurance company offering health, car, bike, and travel insurance that is now valued at around $3.5 billion .

“We are humbled by our investors’ confidence. We will continue to focus on increasing insurance penetration and simplifying processes through technology. Customer service remains our key focus which is evidenced by our high customer rating, 4.7 on Google & 4.9 on Facebook*** based on 29,000 reviews, and fast claim settlements. The pandemic and repeated natural calamities have drawn people’s attention towards the importance of insurance. We have covered more than 36 lakh lives over 32,000+ corporates**** under corporate health insurance alone. Digit will continue enriching the portfolio focussing on providing people-benefitting products.” – Kamesh Goyal, Chairman & Founder, Digit Insurance.

Digit allows for smartphone-enabled self-inspection and audio claims and is “100% on cloud.”