Digit Insurance joins the Unicorn club with $ 1.9B valuation

 

 

·         Valued at $ 1.9 billion, doubling since last year.

·         Achieved this in a span of 3 years of operations.

·         Existing PE investors are participating.

 

Mumbai, 5^th February 2021: Digit Insurance, a General Insurance company, started in 2017 with a mission to make insurance simple in India, becomes this year’s 1^st Indian Unicorn at a valuation of $ 1.9 billion.

 

In an almost-recession like year for most businesses and when the insurance industry itself grew by 0.1%*, Digit grew by 31.9%, earning a premium of $186 million (April’20-Dec’20) and claims to have 1.5 crore customers since inception. Within a short span of 3 years, Digit has also garnered profits in all 3 quarters of FY 20-21 **. They also hold a customer rating of 4.9 stars on facebook based on 14,000+ customer reviews***.

 

The young Unicorn uses technology to simplify processes for their customers, like smartphone-enabled self-inspection and audio claims. They are 100% on cloud and have launched several innovative offerings relevant to the ever-emerging needs of customers.

 

Under the unique and commendable sandbox initiative of IRDAI, they launched a novel COVID-19 product, a Fixed benefit cover for COVID-19. They have also been able to reach out to more than 20 lakh Indian lives through their Digit Group Illness Insurance product.

 

The Fairfax backed insurance company, headquartered in Bengaluru, is founded by insurance veteran Kamesh Goyal, who with over 30+ years has worked in both General Insurance and Life Insurance spaces. Before founding Digit, he was the Head of H8- Asset Management & US life insurance Company for Allianz Asset Management.