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.
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