Digit Insurance: India Gets its First Unicorn Of 2021
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There seems to be no halt for India’s spree of producing unicorns. Last year, while the entire world was on its knees, India produced a record of 11 unicorns of which three entered into the coveted club in the last month. Fast forward to 2021, it just took 15 days for India to produce the year’s first unicorn - Digit Insurance.
Insurtech startup – Digit Insurance on Thursday raised INR 135 crore of funding from its existing investors. According to media reports, the Bengaluru-headquartered startup post the capital infusion is valued at $1.9 billion.
The insurance-based startup was founded by Kamesh Goyal, an insurance veteran with experience in companies like Allianz Insurance and Bajaj Allianz Life Insurance in 2016. It is one of the first fully cloud-based insurance firms in the country.
The core reason behind establishing the startup was to simply customers' insurance journey with the help of technology. It boasts a portfolio of products across travel, vehicle, property, and health insurance.
The startup which is backed by Canadian billionaire Prem Watsa’s Fairfax group has claimed to have recorded profit on a quarterly basis in financial year (FY) 2021. In the FY2021, the company is reported to have 15 million customers.
Last year amidst the outbreak of the contagious virus, the startup raised $84 million from three growth equity investors - A91 Partners, TVS Capital, and Faering Capital. Rising to the occasion, the startup also launched a health insurance product against COVID-19.
Digit Insurance last year was the only Indian company to be listed in the CB Insights’ global Fintech 250 list.