Dai-ichi led $40 M secured by insurtech firm RenewBuy in ongoing Series D round
Dai-ichi Life Holdings Inc., a major Japanese insurance company, has contributed $40 million to the ongoing Series D funding round of the insurtech company RenewBuy. This is the business’s first fundraising effort for 2023.
This round is a component of the company’s ongoing Series D round, which is due to close soon, according to the company.
RenewBuy would be able to access growth opportunities in the Asian market thanks to the partnership with Dai-ichi, according to a statement from co-founder and CEO Balachander Sekhar.
According to reports, Dai-ichi Life Holdings Inc. paid the sum as payment for an approximate 11% stake in RenewBuy, which is now estimated to be worth $364 million.
RenewBuy has so far raised about $133 million, which includes a $8.5 million debt from Stride Ventures and InnoVen Capital in November 2022. The startup completed a $55 million Series C round led by Apis Partners in August 2021.
RenewBuy, which was founded in 2015, offers customers a variety of ways to purchase health, life, and auto insurance. More than 5 million customers have reportedly been insured by it across 800 cities, and it claims to have over 1 lakh insurance advisors. According to the company, tier-3 and smaller towns account for about 70% of its revenue.
RenewBuy’s FY23 financials have not yet been made public. In comparison to FY21, when the company’s scale was Rs 49.8 crore, FY22 saw a growth of 37.8% to Rs 68.6 crore. According to the company’s independent financial statements, its losses increased 74% from Rs 28.7 crore in FY21 to Rs 50 crore in FY22.
To address claim settlement issues, RenewBuy acquired Artivatic.AI in the final quarter of FY22. The company, which Balachander Sekhar and Indraneel Chatterjee founded in 2015, aims to achieve profitability at the PAT level and intends to go public by the end of 2023.
