CMS has advised Ignite Thailand Holdings Limited (trading as “Roojai”), a managing general agent developing its own retail insurance products and distributing them digitally on a B2C model in Thailand and Indonesia,in relation to its US$42 million Series B funding round led by HDI International AG, the International Retail Insurance division of the German Talanx Group, with additional participation from existing investor, International Finance Corporation.
The funding round comprised a US$32 million direct equity injection into Roojai with a US$10 million secondary share transaction.
The investment aims to accelerate growth for Roojai in Thailand by expanding its success in motor insurance across non-motor products. It will also support Roojai’s expansion in Indonesia and across Southeast Asia.
The CMS team advising on the transaction was led by Toby Grainger (Managing Partner, Singapore) with support from Sam Ng (Of Counsel, Singapore), James Fisher (Associate, Singapore), Leslie Tay (Associate, Singapore) and Albert Jok (Senior Associate, Hong Kong).