Insurtech firm RenewBuy has scooped up $40 million in its ongoing Series D funding round from Japanese insurance major, Dai-ichi Life Holdings Inc. This marks the company’s first fundraise in 2023.
As per the company, this round is part of its ongoing Series D round, which is expected to close soon.
The partnership with Dai-ichi would allow RenewBuy to access growth opportunities in the Asian market, Co-founder and CEO Balachander Sekhar said in a statement.
Dai-ichi Life Holdings Inc has reportedly invested the sum for a consideration for around 11% stake in RenewBuy, now valued at around $364 million.
RenewBuy has raised around $133 million to date including a debt of $8.5 million in November 2022 from Stride Ventures and InnoVen Capital. In August 2021, the startup closed a Series C round of $55 million led by Apis Partners.
Founded in 2015, RenewBuy provides multiple options for customers to buy health, life and motor Insurance products. It claims to have over 1 lakh insurance advisors and has insured more than 5 million customers across 800 cities. As per the company, about 70% of its business comes from tier-3 and smaller towns.
RenewBuy (D2C Consulting Services Pvt Ltd) has not disclosed its FY23 financials yet. During FY22, the company registered a 2.2X growth in scale to Rs 190.84 crore as compared to Rs 86.93 crore in FY21. As per the company’s financial statements, its losses also surged 2.9X to Rs 98.94 crore in FY22 from Rs 33.98 crore in FY21.
In the last quarter of FY22, RenewBuy acquired Artivatic.AI to improve claim settlement issues. Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, the firm aims to touch profitability at the PAT level and is also planning to IPO by the end of 2023.
