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Digit Insurance becomes first unicorn of 2021

Digit Insurance becomes first unicorn of 2021
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Digit Insurance becomes first unicorn of 2021

Digit Insurance coverage turns into first unicorn of 2021

In January last year, the company had raised about $84 million from a clutch of investors at a valuation of over $800 million.In January final yr, the corporate had raised about $84 million from a clutch of buyers at a valuation of over $800 million.

Digit Insurance coverage on Friday mentioned that it grew to become the nation’s first unicorn in 2021 after current buyers together with A91 Companions, Faering Capital and TVS Capital infused Rs 135 crore within the firm at a valuation of $1.9 billion.

In January final yr, the corporate had raised about $84 million from a clutch of buyers at a valuation of over $800 million.

In an almost-recession-like yr for many companies and when the insurance coverage business itself grew by 0.1%, Digit grew by 31.9%, incomes a premium of $186 million throughout the April-December (FY21) interval, the agency mentioned in an announcement. Digit claims to have additionally garnered earnings in all three quarters of the present monetary yr.

Launched in 2017, the Bengaluru-based firm makes use of expertise to simplify processes for his or her prospects, like smartphone-enabled self-inspection and audio claims. The agency has about 1.5 crore prospects.

“Beneath the sandbox initiative of Irdai, Digit launched a hard and fast profit cowl for Covid-19. They’ve additionally been capable of attain out to greater than 20 lakh Indian lives by means of our Digit Group Sickness Insurance coverage product,” the corporate mentioned.

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