Digit Insurance Becomes First Unicorn Of 2021, raised $18 mn

Insurtech startup Digit Insurance is now the first Indian startup to enter the unicorn club in 2021, after raising 18 Mn from existing investors at a valuation of $1.9 bn. The funds has been raised as a part of growth fund to meet the solvency margin requirement.

Digit Insurance is a tech-driven general insurance company that offers customised policies on health, auto, travel, smartphones, commercial properties such as stores and holiday homes. It expanded its business during the pandemic by offering new products like fixed benefit cover for Covid-19 under Insurance Regulatory and Development Authority’s (IRDAI) sandbox initiative.

Claims to have reached out to more than 20 Lakh Indian through their Digit Group Illness Insurance product, which offered protection against Covid-19 and 7 Vector-borne diseases like dengue, malaria, filariasis, ala azar, chikungunya, Japanese encephalitis and the zika virus.

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