Gurugram-based insurtech startup RenewBuy has raised $40 million in a Series D round from Japanese insurance major, Dai-ichi Life Holdings Inc. This round is a part of the company’s ongoing Series D fundraise, which has attracted interest from several prominent investors and is expected to close soon.
“RenewBuy, in seven years, has digitally empowered advisors to offer insurance seamlessly, and 70% of our business comes from beyond the 30th city,” said Balachander Sekhar, CEO, RenewBuy.
“Most insurance companies continue to focus on the top 30 cities only–and 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,” he added.
“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,” he said.
The company, founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, has more than one lakh insurance advisors and has insured over 5 million customers in 800 cities, towns, and districts.
Hitoshi Yamaguchi, Representative Director, Managing Executive Officer of Dai-ichi Life Holdings, Inc., said, “RenewBuy is a great example of a disruptor that leveraged social trends and technology effectively to reach a market that 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,” he added.
