New Delhi, July 4
Digit Insurance, backed by Indian skipper Virat Kohli, has attracted $200 million investment from existing and new investors which has helped rocket its valuation to $3.5 billion (approximately Rs 26,000 crore).
The influx of capital from existing investor Faering Capital and new investors Sequoia Capital and IIFL Alternate Asset Managers has almost doubled the valuation of the financial technology firm from $1.9 billion in January when the company had received its last funding.
Digit Insurance is a digital-only general insurance company with Kohli as one of the investors as well as a brand ambassador.
"In the first quarter of this year, we grew by 60 percent (in terms of gross premiums) compared to the same period last year, and this is largely coming from the health insurance business. Further, we overall grew 70 percent in April and May versus the industry growth of 17 percent," said founder and chairman Kamesh Goyal.
"For health, the growth is primarily driven by Covid-related insurance products. Now, we will look to offer newer health cover products during this financial year as we look to expand our on-ground coverage to newer Indian geographies this year," added Goyal.
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