RenewBuy Closes $40 Million In Series D Funding As per the company, the partnership with Dai-ichi would allow RenewBuy to access growth opportunities in the Asian market
By Teena Jose
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RenewBuy has closed a $40 million fund raise, in a series D funding round from Japanese insurance major, Dai-ichi Life Holdings Inc. This round is part of the company's on-going Series D fund raise, which is attracting interest from several other marquee investors and is expected to close soon. As per the company, the partnership with Dai-ichi would allow RenewBuy to access growth opportunities in the Asian market.
Most insurance companies continue to focus on the top 30 cities only – and are 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. 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," said Balachander Sekhar, CEO, RenewBuy.
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 is a great example of a disruptor that leveraged social trends and technology effectively to reach a market which was once thought to be unreachable. Their performance gives us the confidence that they can continue to drive significant growth in the underpenetrated and ever-growing Indian market, as they constantly find ways to improve themselves and stay at the edge of technological disruption. 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," said Hitoshi Yamaguchi, representative director, managing executive officer, Dai-ichi Life Holdings.
