Insurtech startup Digit raises new funds from Sequoia, others at $3.5 billion valuation

Mumbai: Canadian billionaire Prem Watsa-backed general insurance startup Digit is raising $200 million from new investors Sequoia Capital India and IIFL Alternate Asset Managers as well as existing investor Faering Capital and others in a round expected to double its valuation to $3.5 billion in less than six months, a top executive said.

The funding comes at a time when risk investors are aggressively seeking a piece of India’s burgeoning online insurance industry, which is gaining from the transition to a digitised economy.