RenewBuy Secures $40 Million in Series D Funding Led by Dai-ichi Life Holdings
- ByStartupStory | August 18, 2023
Insurtech firm RenewBuy has successfully concluded a series D funding round, raising $40 million from prominent Japanese insurer Dai-ichi Life Holdings, according to an announcement on Thursday.
With this latest investment, RenewBuy is poised to expand its technological platform across 11 countries. The company’s primary aim is to enhance product offerings and technological capabilities, all with the ultimate goal of delivering an improved consumer experience.
RenewBuy’s previous funding endeavors include a series C round in 2021, where it secured $45 million from Apis Growth Fund II, a private equity fund. In an earlier series B round in 2019, the digital insurance platform raised $19 million, with support from investors like Lok Capital and IIFL Asset Management Company.
With a robust network of over one lakh insurance advisors operating in sectors such as life, health, and motor insurance, RenewBuy empowers these advisors to efficiently compare product features and prices, allowing them to issue policies instantly. The company prides itself on offering a transparent and seamless experience for its customers.
Notably, RenewBuy has established partnerships with more than 50 insurers and boasts a customer base exceeding five million individuals. Its presence spans across 1,500 cities, with over 70 per cent of its business originating from tier three, four, and five markets.
Balachander Sekhar, CEO of RenewBuy, expressed enthusiasm about the collaboration with Dai-ichi: “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.”
RenewBuy was founded in 2015 by Balachander Sekhar and Indraneel Chatterjee.
Hitoshi Yamaguchi, Representative Director and Managing Executive Officer of Dai-ichi Life Holdings, conveyed confidence in RenewBuy’s performance, noting: “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.”
Yamaguchi emphasized that the partnership with RenewBuy will accelerate the sophistication and innovation of Dai-ichi’s group business, including the life insurance segment in India.
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