Digit Insurance on Friday said that it became the country’s first unicorn in 2021 after existing investors including A91 Partners, Faering Capital and TVS Capital infused Rs 135 crore in the company at a valuation of $1.9 billion.
In January last year, the company had raised about $84 million from a clutch of investors at a valuation of over $800 million.
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 during the April-December (FY21) period, the firm said in a statement. Digit claims to have also garnered profits in all three quarters of the current financial year.
Launched in 2017, the Bengaluru-based company uses technology to simplify processes for their customers, like smartphone-enabled self-inspection and audio claims. The firm has about 1.5 crore customers.
“Under the sandbox initiative of Irdai, Digit launched a fixed benefit cover for Covid-19. They have also been able to reach out to more than 20 lakh Indian lives through our Digit Group Illness Insurance product,” the company said.