RenewBuy raised $40 million in Series D from Dai-ichi Life Holdings

Share via:

Insurance major RenewBuy has successfully raised $40 million in its ongoing Series D funding round from Japanese insurance giant Dai-ichi Life Holdings, Inc. According to a statement by the company, the latest investment is part of the Series D round, and they expect to finalize more funding soon.

Growth and Previous Fundraising Rounds

RenewBuy’s Series D funding comes over two years after the startup closed a $55 million Series C round led by Apis Partners in August 2021. Additionally, in November 2022, the insurtech secured a debt of INR 68 crore from Stride Ventures and InnoVen.

In total, RenewBuy has raised more than $92.7 million in funding across eight rounds, excluding the current Series D round.

RenewBuy’s Offerings and Market Presence

Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, RenewBuy operates as an insurance comparison platform, connecting customers with a network of 40 insurance providers. The startup boasts over 100,000 insurance advisors and has provided insurance coverage to more than 5 million customers across 800 cities and towns in India. RenewBuy’s distribution franchisee network spans 1,500 cities, with 70% of its business originating from Tier III and beyond markets.

Expansion Plans and Strategic Partnership

RenewBuy’s CEO, Balachander Sekhar, highlighted the startup’s commitment to leveraging technology for better pricing and improved sales efficiency. Dai-ichi Life Holdings sees the funding as an opportunity to access growth opportunities in the wider Asian market. Dai-ichi’s representative director, Hitoshi Yamaguchi, praised RenewBuy as a disruptor that effectively harnessed social trends and technology to reach previously untapped markets. Dai-ichi’s life insurance business in India expects to enhance its sophistication through the partnership with the insurtech major.

RenewBuy’s acquisition of AI-enabled insurtech startup Artivatic.AI last year further strengthened its capabilities to settle insurance claims efficiently. The insurtech startup competes with industry players like Policybazaar and InsuranceDekho, as insurance remains a promising segment for fintech startups in India, with increasing demand and low penetration. The Indian insurtech sector is projected to grow at a CAGR of 17%, presenting a $307 million market opportunity by 2030, as per Inc42’s ‘State of Indian Fintech, Q3 2022’ report.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

RenewBuy raised $40 million in Series D from Dai-ichi Life Holdings

Insurance major RenewBuy has successfully raised $40 million in its ongoing Series D funding round from Japanese insurance giant Dai-ichi Life Holdings, Inc. According to a statement by the company, the latest investment is part of the Series D round, and they expect to finalize more funding soon.

Growth and Previous Fundraising Rounds

RenewBuy’s Series D funding comes over two years after the startup closed a $55 million Series C round led by Apis Partners in August 2021. Additionally, in November 2022, the insurtech secured a debt of INR 68 crore from Stride Ventures and InnoVen.

In total, RenewBuy has raised more than $92.7 million in funding across eight rounds, excluding the current Series D round.

RenewBuy’s Offerings and Market Presence

Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, RenewBuy operates as an insurance comparison platform, connecting customers with a network of 40 insurance providers. The startup boasts over 100,000 insurance advisors and has provided insurance coverage to more than 5 million customers across 800 cities and towns in India. RenewBuy’s distribution franchisee network spans 1,500 cities, with 70% of its business originating from Tier III and beyond markets.

Expansion Plans and Strategic Partnership

RenewBuy’s CEO, Balachander Sekhar, highlighted the startup’s commitment to leveraging technology for better pricing and improved sales efficiency. Dai-ichi Life Holdings sees the funding as an opportunity to access growth opportunities in the wider Asian market. Dai-ichi’s representative director, Hitoshi Yamaguchi, praised RenewBuy as a disruptor that effectively harnessed social trends and technology to reach previously untapped markets. Dai-ichi’s life insurance business in India expects to enhance its sophistication through the partnership with the insurtech major.

RenewBuy’s acquisition of AI-enabled insurtech startup Artivatic.AI last year further strengthened its capabilities to settle insurance claims efficiently. The insurtech startup competes with industry players like Policybazaar and InsuranceDekho, as insurance remains a promising segment for fintech startups in India, with increasing demand and low penetration. The Indian insurtech sector is projected to grow at a CAGR of 17%, presenting a $307 million market opportunity by 2030, as per Inc42’s ‘State of Indian Fintech, Q3 2022’ report.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

ICAI Says Probe Into Alleged Audit Lapses At BYJU’S...

SUMMARY ICAI president Ranjeet Kumar Agarwal has revealed that...

MobiKwik Shares Surge 12.5% To INR 549.80 

SUMMARY The broader benchmark indices showed recovery today with...

Ranjita Ghosh: Wipro elevates Ranjita Ghosh as new global...

Indian IT major Wipro on Monday announced the...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!