Exclusive: Digit raises $70 Mn for its general insurance biz

General insurance provider Digit Insurance has raised fresh funds for its general insurance firm from Wellington Hadley Harbor and Ithan Creek Master Investors.

Digit has approved the allotment of 165,77,070 equity shares at an issue price of Rs 314 per share to raise 520.52 crore or $70 million, regulatory filings show. 

Boston-based asset management firm Wellington Hadley Harbor has invested $55 million in this round while the remaining sum has come from Ithan Creek Master.

The Bengaluru-based company has also passed a special resolution to amend the conditions of the employee stock appreciation rights plan to make the scheme more beneficial for employees.

As per Fintrackr’s estimates, Digit General Insurance Limited has reached the post-money valuation of $372 million after the allotment of this round. 

GoDigit had last raised Rs 121 crore from TVS Growth Fund and high net worth individuals in August last year. It’s worth mentioning that the GoDigits’ parent company had announced that it would raise around $200 million at $3.5 billion valuation. However, the company is yet to receive the funds.

Digit offers a portfolio of products across motor, travel, property and health insurance. It was the first startup to turn unicorn in 2021. Motor is the largest category for Digit Insurance which contributes 75% of gross premiums on the platform whereas fire and health insurances constitute 20%.