Insurtech startup RenewBuy, operated by D2C Insurance Broking Pvt Ltd, on Tuesday said it has secured $40 million (Rs 328 crore) in an ongoing Series D funding round from Japanese life insurance firm Dai-ichi Life Holdings.
RenewBuy will deploy the fresh proceeds to expand its presence across Asian markets and improve its product stack and technology experience.
Last year, VCCircle reported that the company had appointed Kotak Mahindra Capital to advise on its plan to raise $75-100 million.
“With Dai-ichi coming on board, it provides us with an opportunity, not only in India but across Asian markets, by leveraging our technology,” said Balachander Sekhar, co-founder and chief executive officer.
It counts IIFL Wealth, Amicus Capital Partners, Lok Capital, Apis Partners amongst its backers and was valued at around $350-400 million, during its last round of fund raise in 2021.
In 2021, it raised $45 million for its Series C round of funding, which was led by Apis Growth Fund II. In January 2022, it raised an additional $15 million as part of the extended Series C round from responsAbility, a Swiss asset manager focusing on impact investing.
Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, RenewBuy is an insurtech player providing customers with an online platform to buy health, life and motor insurance products, which are delivered through a network of Point of Sales Person (POSP) insurance advisors.
RenewBuy claims to serve more than five million consumers in more than 800 cities through a network of more than one lakh insurance advisors. It claims to generate 70% of its revenue from Tier III and below markets.
“Through the partnership with RenewBuy, we can accelerate the development of our group business, including our life insurance business in India,” said Hitoshi Yamaguchi, representative director, managing executive officer, Dai-ichi Life Holdings, Inc.
In the insurtech sector, last month insurtech startup PolicyBoss secured an undisclosed amount in a Series B funding round from India SME Investments and existing investor TPG Growth and other angel investors.
Earlier this year, New York-based Goldman Sachs Asset Management and homegrown mid-market PE firm TVS Capital led a $150 million investment in InsuranceDekho in the largest Series A round of funding by an insurtech startup in India.
