Roojai, a Thailand-based insurtech firm, successfully closed a Series B funding round with HDI International, part of the German Talanx Group. The total money raised from this round was $42 million; out of which $32 million was injected directly into Roojai and the remaining $10 million was acquired through a secondary share transaction. The International Finance Corporation (IFC), the existing investor of the company, was also involved in the funding round.
Roojai was founded in 2016 and offers motor, health, and accident insurance products in Thailand. The company has expanded to Indonesia and plans to further expand across Southeast Asia, with a focus on the Philippines. Roojai claims to have grown its premium income in Thailand by 25% to $38 million in 2022 and increased its customer base by 40% to 150,000.
According to Roojai’s founder and CEO, Nicolas Faquet, the new funding round will help the company accelerate its growth by expanding into non-motor products in Thailand and by supporting its expansion in Indonesia and other Southeast Asian countries. The company plans to focus on organic expansion combined with mergers and acquisitions.
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Levan Shalamberidze from IFC’s FIG and Insurtech mentioned how Roojai has been a frontrunner in digitalization & inclusion of Thailand’s insurance industry, thanks to their ‘digital first’ business model. Additionally, the IFC expressed their enthusiasm to collaborate with HDI to help Roojai in achieving their objective of providing cost-effective insurance plans in Thailand and Southeast Asia.
The investment from HDI International and IFC is a testament to Roojai’s focus on sound insurance fundamentals, according to Faquet. He said the company’s customer-centric growth in its core markets has attracted high-quality and industry-leading investors.
Overall, the new funding round will help Roojai continue to disrupt the traditional insurance industry in Thailand and beyond by offering affordable and accessible insurance products to a wider audience.
