India's Digit Insurance secures $200m in latest funding round

The investment will result in a 5% dilution of the firm's equity.

Indian general insurer, Digit Insurance, has secured $200 million in its latest funding round, achieving a total valuation of $3.5 billion, according to media reports.

Indian private equity firm, Faering Capital, participated in the fundraising, as well as Sequioa Capital India and IIFL Alternate Asset Managers.

The investment will result in a 5% dilution of the company’s equity and is subject to regulatory approvals, reports said. The latest round of fundraising also came after a 44% growth in premiums to $435.2 million (INR32.43 billion).

Established in 2017, Digit Insurance offers car insurance, travel insurance, bike insurance, and health insurance. The motor segment accounts for 75% of the firm’s income.