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RenewBuy, an insurtech startup in India, has secured $40 million in Series D funding from Dai-ichi Life Holdings. The round was led by Dai-ichi Life Holdings, with participation from existing investors Apis Partners, Stride Ventures, and InnoVen Capital.
RenewBuy was founded in 2015 by Balachander Sekhar and Indraneel Chatterjee. The company provides a platform that allows users to compare and buy insurance products online. RenewBuy has over 1 lakh insurance advisors and has insured over 5 million customers across 800 cities.
The Series D funding will be used to accelerate RenewBuy’s growth. The company plans to use the funds to hire more employees, expand its product offerings, and enter new markets.
In a statement, Balachander Sekhar said: “We are excited to partner with Dai-ichi Life Holdings. This funding will help us accelerate our growth and make RenewBuy the leading insurtech platform in India.”
Dai-ichi Life Holdings is a Japanese insurance company with over $700 billion in assets under management. The company is investing in RenewBuy as part of its strategy to expand its digital presence in India.
The investment in RenewBuy is a sign of the growing interest in the insurtech space in India. The Indian insurance market is expected to grow to $280 billion by 2025, and insurtech companies are well-positioned to capitalize on this growth.
Here are some additional details about the funding:
- The round was led by Dai-ichi Life Holdings.
- Other investors in the round include Apis Partners, Stride Ventures, and InnoVen Capital.
- The funding will be used to accelerate RenewBuy’s growth.
- The company plans to hire more employees, expand its product offerings, and enter new markets.
