The Indian Fintech startup has raised its capital to $3.5 billion in a new round of funding after Virat Kohli-backed fintech startup Digit Insurance, in an effort to win over insurance customers through mobile technology.
Fintech startup Digit, backed by Indian cricket team captain Virat Kohli, has raised its valuation to $3.5 billion after a new round of funding. Digit is raising $200 million from Sequoia Capital India and current investor Fairing Capital Pvt.
This is the largest funding round for India’s fast-growing insurance market, with players like Acko backed by Amazon. The company became a unicorn when it was valued at 1.9 billion in January. A Bloomberg report states that it has raised a total of $442 million and has nearly doubled its valuation.
In an effort to expand the insured’s India base, point cover will make the process of purchasing, filing claims, and receiving payments easier. The startup offers auto insurance, travel, and health. The latest round is subject to regular approval, the company said in a statement.
Virat Kohli backed fintech startup Digit Insurance
Founded in 2017 by Kamesh Goyal, a former KPMG executive, and insurance industry veteran, the startup was formerly known as Go Digit General Insurance Company. Among its early supporters were Virat Kohli, TVS Capital Fund, and Canadian billionaire Prem Watts. Watts was actually its first investor. The startup now has 20 million customers and about half a million claims have been processed.
Digit said that it launched the world’s first Covid-19 health insurance product in February 2020. It now includes 35 lakh Indians.
Goyal said India’s insurance penetration is low. The market share is dominated by most of the state’s insurance companies. “Fintech division is very popular at this moment. With India’s fast-growing economy, general insurance is expected to grow.”
The points will simplify the process of purchasing the cover, filing claims, and receiving payments in an effort to expand the insured’s India base. The startup offers health, travel, and auto insurance. The company said in a statement that the latest round is subject to regulatory approval.
Kohli’s earnings are multiplying day by day and he is also a source of income. Kohli was named one of the highest earners in a sponsored post on Instagram on Friday. From each of Kohli’s positions, he gets $680,000, or about Rs 5 crore.
According to many websites, The Indian cricket team captain Virat Kohli is the only Indian in the list of the top 20 who earned Rs 5 crore for a single post. She is ranked 19th while Priyanka Chopra is ranked 27th, earning about Rs 3 crore for each position.
Virat is the fourth highest-earning player in the world after Ronaldo, Messi, and Neymar. According to Hopper’s headquarters, Messi earns Rs 8.6 crore for each sponsored post on his Instagram, while posts on Brazilian Neymar’s accounts amount to Rs 6.1 crore.
While there are no other Indian cricketers on the list of 395 celebrities and influencers, there are three South African cricket players – Ab De Villiers, Faf du Plessis, and Dale Steyn.