Digit Insurance company valued at $3.5 bn in the new round of funding

Bengaluru based fintech startup Digit boosted its valuation to $3.5 billion in a fresh funding round, gaining capital for its effort to win insurance customers via mobile technology, a 1.8-time jump from January, after securing $200 million in a funding round led by returning investor Faering Capital. New participants in the round included Sequoia Capital India and IIFL Alternate Asset Managers among others, per a statement. The company is backed by Virat Kohli.

Digit was founded in 2017 by Kamesh Goyal, an ex-KPMG executive and a three-decade veteran of the insurance industry. The company is trying to expand India’s base of the insured by making the process of buying cover, submitting claims and receiving payments easier. The company offers smartphone-enabled self-inspection and claim submissions by voice, and processes service requests via messaging.

The company wants to expand India’s base of the insured by making the process of buying cover, receiving payments easier. Digit provides health, travel and auto insurance, said the latest funding round is subject to regulatory approvals. The company, formally called Go Digit General Insurance Co., became a unicorn when it was valued at $1.9 billion in January. It’s now almost doubling its valuation and has raised a total of $442 million.