Insurtech Startup RenewBuy Raises $40 Million In Ongoing Series D Round
RenewBuy, a Gurugram-based insurtech startup operated by D2C Insurance Broking Pvt Ltd, has raised $40 million (Rs 328 crore) in an ongoing Series D funding round from Japanese life insurance firm Dai-ichi Life Holdings.
This investment round is part of the company’s ongoing Series D fundraise, which is attracting interest from several other marquee investors and is expected to close soon.
As per the startup, the freshly raised funds will be used to expand its presence across Asian markets and improve its product stack and technology experience.
RenewBuy | Insurtech Startup
Founded by Balachander Sekhar and Indraneel Chatterjee, RenewBuy is a fully technology-integrated insurtech startup providing customers with an online platform to buy health, life and motor insurance products. These products are delivered through a network of Point of Sales Person (POSP) insurance advisors.
The insurtech startup claims to serve more than five million consumers in more than 800 cities through a network of more than one lakh insurance advisors. Also, it claims to generate 70% of its revenue from Tier III and below markets.
Speaking about the development, Balachander Sekhar, CEO of RenewBuy, said,
“Most insurance companies continue to focus on the top 30 cities only – and are unable to expand due to high fixed costs. Using technology, RenewBuy has brought massive efficiency in the sales process; we want to leverage this to deliver better pricing to consumers. With low penetration levels currently, we will see exponential growth for RenewBuy in the next two decades. 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 counts IIFL Wealth, Amicus Capital Partners, Lok Capital, and Apis Partners among its backers. The startup was valued at around $350-400 million during its last round of fund raise in 2021.
In 2021, RenewBuy raised an additional $10 million in its Series C round from India-focused private equity platform Evolvence Capital (Evolvence India Fund). A year later, in January 2022, the insurtech startup raised an additional $15 million as part of the extended Series C round from responsAbility, a Swiss asset manager focusing on impact investing.
Commenting on the development, Hitoshi Yamaguchi, Representative director and managing executive officer of Dai-ichi Life Holdings, said,
“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 performance gives us the confidence that 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.”
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