BENGALURU: India is witnessing momentum in insurtech funding, as equity funding in the past two years touched $800 mn in 2021, as against $290 mn in 2020. The funding indicates sustained investor interest in India.
Also, 2021 saw the emergence of two insurtech unicorns - Acko and Digit Insurance - in India. Globally, over 20 insurtech start-ups attained unicorn status last year. Acko General Insurance raised $255 mn led by Multiples Private Equity and General Atlantic turned unicorn in Oct last year.
It was valued at $1.1 bn. Digit Insurance entered the club within three years of operations and in Jan 2021, the firm achieved a valuation of over $1.9 bn. Apart from these two start-ups, PolicyBazaar is another well-known insurance aggregator that touched over a $1 bn valuation in 2018. The India Insurtech Landscape and Trends report released by India Insurtech Association and BCG on Tuesday said growth continued in insurtech even during the pandemic period.