Insurtech Startup RenewBuy Raises $40 Million in Series D Funding

• ByStartupStory     |    July 18, 2023

RenewBuy, a Gurugram-based insurtech startup, has successfully secured $40 million in a Series D funding round from Dai-ichi Life Holdings Inc., a prominent Japanese insurance company. This investment is part of RenewBuy’s ongoing Series D fundraise, which has garnered interest from various high-profile investors and is anticipated to conclude shortly.

RenewBuy, established in 2015 by Balachander Sekhar and Indraneel Chatterjee, has achieved remarkable success in empowering insurance advisors through digital solutions. As a result, 70% of the company’s business originates from beyond the top 30 cities in India. Traditional insurance companies have traditionally focused on these major urban centers due to high fixed costs, making expansion challenging. RenewBuy, leveraging technology, has introduced substantial efficiency into the sales process and aims to provide consumers with better pricing options. With insurance penetration levels still low, the company foresees exponential growth over the next two decades.

CEO Balachander Sekhar expressed his enthusiasm about the partnership with Dai-ichi, stating, “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 has emerged as a leader in the insurtech sector, boasting over 100,000 insurance advisors and insuring more than 5 million customers across 800 cities, towns, and districts.

Hitoshi Yamaguchi, Representative Director, Managing Executive Officer of Dai-ichi Life Holdings, Inc.: “RenewBuy is a great example of a disruptor that leveraged social trends and technology effectively to reach a market which was once thought to be unreachable. Their strong management team and disruptive technology have taught us to adopt a proactive mindset to disrupt our own traditional ways of doing things. 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.”

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