- In 2022 Roojai’s premium income in Thailand grew by 25%
- US$32mil from direct injection, US$10mil from secondary share transaction
Roojai, a Thai-based online B2C insurtech, announced a US$42 million Series B funding round on 28 March, led by HDI International, the International Retail Insurance division of the German Talanx Group, with additional participation from existing investor, the International Finance Corporation (IFC), part of the World Bank Group.
The funding round comes with a US$32 million direct injection into Roojai and a US$10 million secondary share transaction.
“We are delighted to welcome HDI as one of our core shareholders, which further solidifies our relationship with the Talanx Group after 4 years of a very fruitful partnership with Hannover Re. This is a testament that our constant focus on sound insurance fundamentals over the last 6 years has been key in attracting high-quality and industry leading investors who can help us expand to the rest of Southeast Asia while sustaining our customer-centric growth in our core markets,” said Nicolas Faquet, group CEO and founder of Roojai.
“Our portfolio company Roojai has demonstrated that it can drive digital transformation and inclusion in Thailand’s insurance industry because of its ‘digital first’ business model,” added Levan Shalamberidze, East Asia Equity lead of FIG and Insurtech at IFC. “We look forward to working alongside HDI to support Roojai in its mission to provide simple, affordable insurance products in Thailand and Southeast Asia”.
Roojai launched in Thailand in 2016 and expanded to Indonesia in early 2022. In 2022, Roojai claimed its premium income in Thailand grew by 25% to US$38M while also increasing customers in force by 40% to 150,000 and expanding from motor insurance to health and accident insurance.
The investment aims to accelerate growth for Roojai in Thailand by expanding across non-motor products. Moreover, it will support Roojai’s expansion in Indonesia and across Southeast Asia, with an immediate focus on the Philippines. Roojai’s emphasis will be on organic expansion combined with M&A growth.