This investment is a crucial part of Renewbuy’s ongoing series D funding round, which is expected to conclude in the near future. Furthermore, this funding round marks Renewbuy’s first major fundraising effort in 2023. Reports indicate that Dai-ichi Life Holdings will acquire approximately 11% stake in the startup, valuing Renewbuy at approximately $364 million.
In a statement, Balachander Sekhar, CEO of Renewbuy (pictured), expressed enthusiasm about the collaboration with Dai-ichi Life Holdings, spoke about its potential to drive growth not only within India but also across other Asian markets. Renewbuy’s innovative technology platform has gained popularity among more than 100,000 insurance advisors operating in the life, health, and motor insurance sectors.
These advisors rely on Renewbuy’s advanced tech to compare product features and facilitate real-time pricing and policy issuance in a transparent manner.
Sekhar highlighted that a significant portion of Renewbuy’s business, around 70%, originates from beyond the top 30 cities in India. While many insurance companies concentrate solely on these metropolitan areas due to high fixed costs, Renewbuy’s utilisation of technology has enabled efficient operations and sales processes. The company aims to leverage this capability to provide consumers with improved pricing options.
The recently secured funding will play a vital role in expanding Renewbuy’s technology platform to 11 countries and strengthening its product and technology functions. This strategic move aligns with the company’s growth plans, which have been in progress for several quarters. In the previous fiscal year’s final quarter, Renewbuy acquired Artivatic.AI to enhance efficiency in claim settlements, demonstrating its commitment to its expansion strategy.
Founded in 2015, Renewbuy has amassed an extensive network of over 100,000 insurance advisors and has successfully insured more than 5 million customers across 800 cities and towns. With its expansion plans gaining momentum, the company aims to launch its initial public offering (IPO) and make its debut on the stock exchange before the conclusion of 2023.