Digit Insurance has raised new funds for its general insurance company from Wellington Hadley Harbor and Ithan Creek Master Investors.
According to regulatory filings, Digit has approved the allotment of 165,77,070 equity shares at an issue price of Rs 314 per share in order to raise Rs 520.52 crore ($70 million).
Wellington Hadley Harbor, based in Boston, has contributed $55 million to this round, with the remaining funds coming from Ithan Creek Master.
The Bengaluru-based company also passed a special resolution to change the terms of the employee stock appreciation rights plan in order to make the scheme more beneficial to employees.
In August of last year, GoDigit raised Rs 121 crore from TVS Growth Fund and high net worth individuals. It’s worth noting that GoDigits’ parent company announced plans to raise $200 million at a $3.5 billion valuation. However, the funds have yet to be received by the company.
Digit has a product portfolio that includes auto, travel, property, and health insurance. It was the first startup to achieve unicorn status in 2021. The largest category for Digit Insurance is motor, which accounts for 75% of gross premiums on the platform, while fire and health insurances account for 20%.
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