Insurtech Renewbuy raises $40 million in Series D funding round
This is part of the firm's on-going series D fund raise, which is expected to close soon and marks Renewbuy's first fundraise in 2023. According to reports, Dai-ichi Life Holdings will get around 11 percent in the startup, valuing the firm at around $364 million.
Insurtech startup, Renewbuy has raised $40 million from Japanese insurance major, Dai-ichi Life Holdings. This is part of the firm's on-going series D fund raise, which is expected to close soon and marks Renewbuy's first fundraise in 2023. According to reports, Dai-ichi Life Holdings will get around 11 percent in the startup, valuing the firm at around $364 million.
"The partnership with Dai-ichi Life Holdings will help RenewBuy not only grow in India but across other Asian markets" said CEO, Balachander Sekhar in a statement.
Over 1,00,000 insurance advisors across life, health & motor insurance use RenewBuy's tech to help them compare product features. The tech also helps these advisors price and issue policies on the spot in a transparent manner.
"70 percent of our business comes from beyond the 30th city. Most insurance companies continue to focus on the top 30 cities only – and are unable to expand due to high fixed costs," Sekhar said. He added that the use of technology has helped bring massive effeciency in the sales process. The firm is now looking to leverage this capability to deliver better pricing to consumers.
The latest fund raise will help RenewBuy take its technology platform to 11 countries, and enhance its product & technology functions.
The company is banking on this exercise to expand on its growth plans, which have been in the implementation stage for the last few quarters. The acquisition of Artivatic.AI in the last quarter of FY22 to spearhead better efficiency in claim settlement was part of this strategy.
Founded in 2015, RenewBuy has over 1 lakh insurance advisors & has insured more than 5 million customers across 800 cities & towns. Once its expansion plan gets on track, the company says it should be ready to hit the markets with its initial public offering (IPO) – and is targeting its D-Street debut before 2023 draws to a close.
First Published: Jul 18, 2023 8:23 PM IST
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