Digit Insurance has raised $442m to date. Credit: Nattanan Kanchanaprat from Pixabay.

Indian fintech startup Digit Insurance has raised $200m in the latest round of funding, which takes the firm’s valuation to $3.5bn.

The round by joined by the company’s existing investor Faering Capital and new investors like Sequoia Capital India, IIFL Alternate Asset Managers, among others.

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Digit Insurance is trying to make the process of getting cover, filing claims and payments easier using technology.

It provides zero-touch claims enabled by audio claims, soft-copy document submission and full-time customer care assistance.

Digit Insurance noted that this is one of the biggest funding rounds in the country’s insurance industry.

Founded in 2017 by industry veteran, Kamesh Goyal, the firm has raised $442m to date. It offers home, travel, property, and auto insurance services.

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Goyal said that Digit Insurance will continue to focus on furthering reach and penetration whilst making the entire process easier for everyone.

The startup has over 20 million customers and processed approximately half a million claims.

Despite the impact of the covid-19 pandemic, the firm claims that it recorded a growth of 44%, with a premium of $436.06m.

The insurer is backed by the likes of Fairfax Financial Holdings, TVS Capital Funds, A91 Partners and the Indian Cricket team’s (men) captain, Virat Kohli.

Fairfax Financial holdings chairman Prem Watsa said: “It was a difficult year for economies the world over but I am glad to see Digit continuing to stick to its mission of simplicity and growing ahead of the industry.

“Their relevant products, tech-enabled, simple processes and customer-centric approach sets them apart.”