While the details of the transaction are yet to be filed with the Ministry of Corporate Affairs, the company has raised a further  Rs 121 crore from TVS Growth Fund and high net worth individuals.

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“This will bring the total capital infused into Digit Insurance up to $442 million, valuing it at $3.5 billion,” it said in a statement on Friday.

Digit saw a smaller round in January 2021, wherein it was valued at $1.9B.

“We will continue to focus on increasing insurance penetration and simplifying processes through technology. Customer service remains our key focus,” said Kamesh Goyal, Chairman and Founder, Digit Insurance.

Prem Watsa, Chairman, Fairfax Financial holdings, the first investor in Digit Insurance, 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. My best wishes to the team.”

Amongst Digit’s investors are also TVS Capital Funds, A91 Partners, Indian Cricket Team Captain (Men’s) Virat Kohli and the employees of Digit.