Thai-based insurtech Roojai has secured $42 million in Series B funding to support its expansion into non-motor products and into new markets such as Indonesia and other countries in Southeast Asia.
The funding round was led by HDI International, the international retail insurance division of the German Talanx Group, and included participation from existing investors such as the International Finance Corporation.
The round comprised a $32 million direct injection into Roojai and a $10 million secondary share transaction.
Roojai, which was launched in 2016 and offers a fully digitised and frictionless insurance buying experience, expanded into Indonesia in early 2022 following the success of its motor insurance business in Thailand.
In 2022, Roojai’s premium income in Thailand increased by 25% to $38 million, while its customer base grew by 40% to 150,000 as the company expanded into health and accident insurance.
With internet penetration and smartphone shopping growing exponentially in Southeast Asia, Roojai aims to capitalise on the increasing demand for insurance products in the region by delivering affordable, reliable and accessible insurance products with a mobile-first approach.
The company’s customer-centric business model has resulted in consistent year-on-year growth, even during the global pandemic.
Nicolas Faquet, Group Chief Executive Officer and Founder of Roojai, said the funding round was a “testament” to the company’s focus on “sound insurance fundamentals” and its ability to attract high-quality investors. Levan Shalamberidze of the International Finance Corporation said Roojai’s “digital first” business model had demonstrated its ability to drive digital transformation and inclusion in Thailand’s insurance industry.
HDI International investors said they were “delighted” to have led the Series B funding round and looked forward to working with Roojai, which they described as a “young, fast growing, and innovative” insurtech.
Roojai’s expansion plans include organic growth combined with mergers and acquisitions as it seeks to broaden its market accessibility across emerging Asia through innovation.