Indian fintech startup Digit boosted its valuation to $3.5 billion in a fresh funding round, gaining capital for its effort to win insurance customers via mobile technology. The company is raising $200 million from Sequoia Capital India, existing investor Faering Capital Pvt and others, according to a statement on Friday. The startup, which provides health, travel and auto insurance, said the latest funding round is subject to regulatory approvals. The company, formally called Go Digit General Insurance Co., became a unicorn when it was valued at $1.9 billion in January. Sales grew 44% in the financial year ending March and the company has turned profitable, a rarity among India’s digital startups.

Source: Mint July 02, 2021 05:48 UTC