Gurugram-based insurtech startup, RenewBuy, has secured $40 million in a Series D round led by Dai-ichi Life Holdings Inc., a prominent Japanese insurance company. This funding is part of RenewBuy’s ongoing Series D fundraise, attracting interest from various notable investors and nearing its completion.
The raised capital will fuel RenewBuy’s expansion into Tier II and Tier III cities, facilitate the development of new products and services, and enable team growth. Moreover, RenewBuy aims to leverage the funds to extend its presence in the Asian market.
RenewBuy was founded in 2015 by Balachander Sekhar and Indraneel Chatterjee. It operates as an online insurance marketplace, offering life, health, motor, and other insurance products. With a network of over 100,000 insurance advisors, RenewBuy has served more than 5 million customers across 800 cities, towns, and districts.
Dai-ichi Life Holdings, managing over $1 trillion in assets, is a leading Japanese insurance company. Renowned for its dominance in the life insurance market within Japan and its strong presence in Asia, the company’s investment signifies its confidence in RenewBuy’s business model and growth potential.
The collaboration with Dai-ichi Life Holdings presents an opportunity for RenewBuy to expand into new markets and accelerate business growth. This strategic partnership will enable RenewBuy to tap into fresh avenues and drive its expansion efforts.
