Online insurance platform Digit Insurance has reportedly bagged $84m in an investment round from growth investors.
The round was backed by A91 Partners, Faering Capital and TVS Capital, according to a report from Verdict. With its latest equity injection, the company will look to increase continue its growth and add to its customer base which is currently at five million.
Digit is a digital insurance startup which enables consumers to buy vehicle, travel, health, mobile, holiday home and shop insurance. The India-headquartered company lets uses purchase policies, make renewals or complete claims through their mobile devices.
InsurTech is the third biggest FinTech segment in India, FinTech Global data shows. The country payments and remittance space has dominated the investment landscape since 2014, having been responsible for 70.9% of the $16.6bn deployed to Indian FinTechs.
Marketplace lending is the second largest subsector with a 12.5% share and InsurTech follows behind with a 6.1% share.
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