Bengaluru-based insurtech startup Digit Insurance has raised INR 2.5 Cr ($340K) from the celebrity couple of Indian cricketer Virat Kohli and Bollywood actor Anushka Sharma in the recently closed $84 Mn funding round.
Prior to Digit Insurance, Kohli has backed the London-based social media startup Sport Convo, an app that was launched to bridge the gap between sports stars and fans.
Kohli invested INR 2 Cr, Sharma pumped in INR 50 Lakh in this three-year-old startup. As part of this transaction, Kohli and Sharma received 2,66,667 and 66,667 shares, respectively. The price per share for this deal stood at INR 65 with a nominal amount of INR 10 per share.
The funding round was led by A91 Partners, TVS Capital, and Faering Capital which invested INR 200 Cr ($28Mn) each. UBR capital also invested INR 1 Cr in the funding round. Angel investor Kapil Joshi and Bijan Kumar Mohanthy also participated in the round. Additionally, sports celebrity management firm Cornerstone Sports LLP, which looks after Kohli’s business interests, also invested INR 1 Cr in the company. The post-money valuation of the company stood at $870 Mn. The investment was first reported by business intelligence platform Paper.vc.
In July 2018, Digit Infoworks, the parent company of Digit Insurance, had raised close to $45 million from Fairfax Holdings. Incorporated in 2016, Digit Insurance started its operations in November 2017 to make insurance simple. Within two years of operation, Digit now claims to serve more than five million customers and has achieved close to $300 million of annualised premium.
Founded in 2016, Digit Insurance is a tech-driven general insurance company that offers customised policies at reduced costs on health, auto, travel, smartphones, commercial properties such as stores and holiday homes.
Besides Kohli, Indian cricketers which have invested in startups include Yuvraj Singh, Mahindra Singh Dhoni, Sachin Tendulkar, Robin Uthappa, Umesh Yadav, among others. At the same time, Akshay Kumar, Aishwarya Rai Bachchan, Arjun Kapoor, Priyanka Chopra, Sukhbir Singh, Ayushmann Khurrana, among others from Bollywood participated in funding rounds of various startups.
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