From Japanese insurance giant Dai-ichi Life Holdings, Inc., insurance giant RenewBuy has received USD 40 Mn in its Series D round of funding. It said in an announcement that additional investments are anticipated to close soon. The funding is a component of its in-progress Series D round.
The insurtech entrepreneurial endeavour wrapped up a USD 55 Mn Series C round, led by Apis Partners, in August 2021, which was followed by more than two years before this funding round. Also in November 2022, Stride Ventures and InnoVen agreed to lend the startup INR 68 Cr as debt.
Insurtech Startup Plans to Use Funds to Expand into Tier III and IV Cities
Except for the most recent business funding for startups, RenewBuy has obtained a little over USD 92.7 M in funding overall over eight rounds.
RenewBuy, a startup company that offers customers comparisons between various insurance policies through its network of 40 insurance providers, was founded in 2015 by Balachander Sekhar and Indraneel Chatterjee. With more than 5 million customers insured across 800 Indian cities and towns, the newly founded company affirms there are far more than 100K insurance advisors.
Additionally, RenewBuy asserts to have a franchise distribution network spread across 1500 cities. The startup claimed that Tier III and above markets account for 70% of its revenue.
Sekhar, co-founder and CEO of RenewBuy spoke at the event and said, “In seven years, RenewBuy has enabled digitally empowered advisors to seamlessly offer insurance, and 70% of the revenue we generate comes from outside the 30th city. RenewBuy has significantly increased sales process efficiency through the use of technology; we want to take advantage of this to offer customers better pricing.
According to Sekhar, the alliance with Dai-ichi will give RenewBuy access to more growth prospects in the larger Asian market.
The managing executive officer of Dai-ichi Life Holdings, Inc. and a representative director, Hitoshi Yamaguchi, added, “Our investment in RenewBuy shows our dedication to constantly improve ourselves and seek out new ways to create value for our customers. RenewBuy is a fantastic illustration of a disruptor who successfully used social developments as well as technology to connect with a market that was once regarded as being unreachable.
Yamaguchi continued by saying that the group would be able to increase the ‘sophistication’ of its life insurance operation in India thanks to its collaboration with the insurtech giant.
