Digit Insurance becomes the first Indian unicorn of 2021

By VARINDIA - 2021-01-16

Digit Insurance becomes the first unicorn in the starting of the year 2021 with the valuation of $1.9 billion . Digit is an insurance start-up, founded with the aim of making insurance simple. It has a portfolio of products across motor, travel, property and health insurance.

Digit is headquartered in Bengaluru and was founded by insurance veteran Kamesh Goyal. The company is backed by the investment of Fairfax, backed by Prem Watsa .Digit Insurance disclosed on January 15 that it has achieved the valuation of $1.9 billion. The company said it's valuation has doubled since last year.

Just in the last year January 2020, Digit had raised raise $84 million from three growth equity investors - A91 Partners, Faering Capital and TVS Capital.

In a statement, Digit said it also garnered profits in all three quarters of FY21 and has 15 million customers and eyeing a breakeven by FY21-end. The insurer uses technology to simplify processes for their customers, with methods such as smartphone-enabled self-inspection and audio claims. It is 100 percent on cloud.

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