Indian insurtech RenewBuy has secured $40 million from Dai-ichi Life, one of Japan’s top life insurers, in an ongoing Series D funding round.

The insurtech will use the proceeds to expand its presence across Asia and improve its product stack and technology experience. Last year, RenewBuy tapped Kotak Mahindra Capital to advise on raising $75 million to $100 million.

RenewBuy co-founder and CEO Balachander Sekhar said in a news release that Dai-ichi’s onboarding provides the company with an opportunity to leverage its technology across India and other Asian markets.

To date, the insurtech has IIFL Wealth, Amicus Capital Partners, Lok Capital, Apis Partners, and now Dai-ichi Life amongst its backers. RenewBuy was valued at $350 million to $400 million during its last funding round in 2021.

“Through the partnership with RenewBuy, we can accelerate the development of our group business, including our life insurance business in India,” said Hitoshi Yamaguchi, Dai-ichi Life representative director and managing executive officer

Recently, Dai-ichi Life’s shares jumped in Tokyo trading after announcing a share buyback plan and a better-than-expected annual profit forecast in May.

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