Indian unicorn Digit Insurance hits $4bn valuation

Indian InsurTech unicorn Digit Insurance has reportedly raised INR 417 crore ($54.6m) in fresh funding, which brings its valuation to $4bn.

The round was led by Sequoia Capital and India Infoline, according to a report from Entrackr. The report claims Sequoia supplied INR 269 crore (34m) to the funding round.

Digit Insurance raised a $70m funding round back in January 2022, with commitments coming from Wellington Hadley Harbor and Ithan Creek Master Investors.  The InsurTech company became a unicorn in early 2021, after a $18.5m investment put its valuation at $1.9bn.

Digit is a digital insurance firm that enables consumers to buy vehicle, travel, property, flight delay, health, mobile, holiday home and shop insurance. The India-headquartered company lets uses purchase policies, make renewals or complete claims through their mobile devices.

Open, a digital bank, recently became the 100th unicorn in India. The company’s Series D was backed by IIFL, Tiger Global, Temasek and 3one4 Capital.

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