Fairfax-promoted Digit Insurance has raised USD 200 million in equity capital from existing investor Faering Capital and new investors Sequoia Capital, IIFL Alternate Asset Managers and others, valuing the four-year-old firm at USD 3.5 billion, which has nearly doubled since the last funding in January.
In mid-January, when it had raised USD 1.5 million from existing investors, the digital-only general insurer, which became the first domestic unicorn of 2021, was valued at USD 1.9 billion.
The company, that began operations in December 2017, had told PTI on Thursday that its gross written premia grew 44 per cent to Rs 3,243 crore in FY21 (as against industry growth of 5 per cent), with a profit of Rs 123 crore for the year, down from Rs 175 crore due to Covid-19 claims. In the first quarter of FY22, its gross written premia grew over 70 per cent as against 17 per cent for the industry.