RenewBuy, an InsurTech, plans to enter the Middle East and South-East Asian markets as part of its international expansion, Indraneel Chatterjee, Co-Founder, has said.
"We should by end December this year enter into Middle East ( either Dubai or Abu Dhabi will be first port of call) and some of the South East Asian markets six months thereafter", Chatterjee told BusinessLine.
RenewBuy, which has now raised $ 10 million from Evolvence Capital in addition to the recent raise of $ 45 million capital, led by Apis Partners, has currently closed its Series C round at $55 million.
"With the common technology layer that we have, we can start touching base different markets at the same point in time. Essentially we are modifying our tech stack to be used in countries that are similar in nature i.e where customer choice is driven by the advisors available in these countries. That's why we are choosing Middle East markets and South East Asian countries like Malaysia, Thailand and Vietnam. We will power them with same RenewBuy Technology layer", he said.
Technology implementation and distribution expansion are two different levers of growth for RenewBuy. "While we are pressing the distribution layer for India where technology is in place, we are investing in technology for our overseas expansion. We have identified an opportunity of RenewBuy becoming a worldwide organisation and want to work towards that", he said.
Balachander Sekhar, CEO RenewBuy said, “With this fund raise, we will scale up our technology infrastructure as well as explore international markets, which have similar insurance need gaps like India.”
Haitong Securities was the investment banker for the transaction with Evolvence.