The archive · Money & Fintech · Strategic decision · 2015–2026
Roojai's D2C insurance bet: $60M Series C, own license, profitable by 2026
Thailand's Roojai bet consumers would buy motor insurance online without agents; ten years on it's a licensed insurer with 370,000+ customers.
Roojai
What the business is
Thailand's leading direct-to-consumer digital insurer: online motor insurance plus health, personal accident and travel covers, sold via web and app and backed by a full general-insurance license since 2023.
Starting capital：US$60M Series C (November 2025) co-led by Apis Global Growth Fund III / Apis Growth Markets Fund III and Asia Partners, with existing shareholders HDI International, Primary Group and IFC participating.
How it started
Nicolas Faquet, an ex-AXA Thailand executive, founded Roojai in 2015 (launched 2016), betting that Thailand's agent- and broker-dominated motor-insurance market would shift online toward transparent, cheaper digital policies.
What happened
Roojai became Thailand's reference brand for online motor insurance and expanded into health, personal accident and travel covers. It acquired Lifepal, Indonesia's largest insurance comparison site, in 2022; obtained its own insurance license in 2023; acquired FWD General Insurance Thailand and rebranded it Roojai Insurance in 2024; and grew group gross written premium from THB 1.0 billion in 2021 to THB 3.3 billion in 2025.
How it ended up
Raised a $60M Series C in November 2025 to scale Thailand, accelerate Indonesia and fund M&A; Roojai Insurance posted THB 1.6B GWP and THB 212M net profit in H1 2026 with a loss ratio below 65% for the fifth straight year, and targets 6% of Thailand's motor market by 2030.
Background
Roojai is Thailand's leading direct-to-consumer digital insurer, founded by ex-AXA executive Nicolas Faquet in 2015 and launched in 2016. The bet was simple: in a motor-insurance market long dominated by agents and brokers, Thai drivers would buy online if the experience were digital, transparent and fairly priced.
Roojai pioneered person-centric underwriting — pricing the customer rather than the vehicle — with risk-based segmentation, safe-driving discounts and installment premium payments. It grew from an online broker into a full-stack insurer: its own insurance license in 2023, the acquisition of FWD General Insurance Thailand (rebranded Roojai Insurance in 2024), expansion into Indonesia via the 2022 purchase of comparison site Lifepal, and products spanning motor, health, personal accident and travel.
The model compounded: group gross written premium tripled from THB 1.0 billion in 2021 to THB 3.3 billion in 2025, and Roojai passed 370,000 customers. In November 2025 it raised a US$60 million Series C co-led by Apis Partners and Asia Partners, with HDI International, Primary Group and IFC also participating, to scale Thailand, accelerate Indonesia and fund M&A.
Profitability followed scale: Roojai Insurance posted THB 1.6 billion GWP and THB 212 million net profit in H1 2026, with a loss ratio below 65% for a fifth straight year and a capital adequacy ratio of 520%. Its 2030 targets — 6% of Thailand's motor market, private medical insurance, EV and travel covers, and deeper regional expansion — rest on converting the distribution advantage into a licensed, profitable insurance franchise.
What has to be true
- Faquet knew the incumbent model from inside AXA and bet that price transparency plus a digital experience could beat agents in Thailand's largest insurance market in Southeast Asia (≈US$5 billion).
- Person-centric underwriting let Roojai price on the customer's risk profile and offer safe-driving discounts, which improved loss ratios while undercutting brokers on price.
- Stepwise vertical integration — broker, then license, then acquiring FWD General Insurance Thailand — turned a distribution play into a full-stack insurer.
- The discipline showed in the numbers: a sub-65% loss ratio for five straight years and H1 2026 net profit, which is what attracted Apis and Asia Partners to lead the Series C.
What can be applied
Distribution innovation can crack a broker-dominated market, but it compounds only when converted into a licensed full-stack insurer; the same model then travels to adjacent markets and products.
Aftermath
As of September 2026 Roojai Group runs Roojai Insurance (Thailand), Roojai Indonesia, the MrKumka comparison site and Lifepal. Roojai Insurance reported THB 1.6B GWP and THB 212M net profit in H1 2026; the company is investing in AI across underwriting, claims and service, and its 2030 plan targets 6% Thai motor market share, private medical insurance, EV and travel covers, and expansion beyond Thailand.
Sources
- Apis Partners' Funds lead $60M Series C in Thai D2C insurance firm Roojai
- Apis Partners' Funds Lead US$60 Million Series C in Thai D2C Insurance Leader Roojai
- Roojai Marks 10 Years with Jingjo, Driving Insurance Innovation
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