Private Equity

Other Private Equity/Strategic Investments

Japan's Dai-ichi Life invests $40-M for 11% stake in insurance broker RenewBuy

Economic Times  

Japanese insurance major Dai-ichi Life Holdings has invested USD 40 million to buy about 11% stake in D2C Insurance Broking, the holding company of digital insurance marketplace RenewBuy. This is part of the company's Series D fundraise. The promoters are negotiating with a few other investors to mobilize another USD 10-20 million in primary deals. The total fundraising target in this round is between USD 75 million and USD 100 million including secondary deals. The fund infusion is expected to provide an opportunity to take RenewBuy's tech platform to other south Asian countries, especially where Dai-ichi has a presence. Financial investors including Apis Partners LLP of the UK, Lok Capital and IIFL Asset Management hold 68% in the insurance broking firm, with Apis being the largest investor having 20% interest. Promoters own 25% while angel investors hold the balance 7%. The company has raised USD 120 million since its inception. Founded in 2015, RenewBuy sells third-party motor, health, and life insurance covers mostly in semi-urban and rural pockets. It claims to have sold policies to about 5 million consumers so far.