Insurtech company RenewBuy has secured $40 million in a series D funding round from Japanese insurance giant Dai-ichi Life Holdings, the firm announced on Thursday.
RenewBuy said it now has the opportunity to expand its tech platform into 11 countries, enhancing its product and technology functions with the goal of improving the consumer experience.
In its previous fundraising efforts, RenewBuy raised $45 million in a series C round from Apis Growth Fund II, a private equity fund, in 2021. Earlier, in 2019, the digital insurance platform secured $19 million in a series B round led by Lok Capital and IIFL Asset Management Company.
The company boasts more than one lakh insurance advisors across life, health, and motor insurance sectors. These advisors use the platform to compare product features and prices and issue policies instantly. RenewBuy claims to provide a transparent and seamless experience for their consumers.
Additionally, the Gurugram-based insurtech revealed that it has partnered with over 50 insurers and has a customer base of more than five million consumers. Spanning 1,500 cities, the company noted that over 70 per cent of its business originates from tier three, four, and five markets.
"With Dai-ichi coming on board, we have found an ideal partner who shares our long-term vision. It provides us with an incredible growth opportunity, not only in India but across Asian markets, by leveraging our technology," remarked Balachander Sekhar, chief executive officer of RenewBuy.
The company was founded in 2015 by Balachander Sekhar and Indraneel Chatterjee.
Hitoshi Yamaguchi, Representative Director and Managing Executive Officer of Dai-ichi Life Holdings, expressed confidence in RenewBuy's performance, stating: "They can continue to drive significant growth in the underpenetrated and ever-growing Indian market, as they constantly find ways to improve themselves and stay at the edge of technological disruption. This mindset of constant disruption is what we want to drive further into our Group, and we believe that through the partnership with RenewBuy, we can accelerate the sophistication and innovation of our group business, including our life insurance business in India."