Shuidi Raises Over RMB 1 Billion in Series C Funding, Surpasses 250 Million Independent Paying Users
On June 12, at the Waterdrop 2019 Global Partners Conference, Shen Peng, founder and CEO of Waterdrop, announced that Waterdrop, which operates businesses including Waterdrop Insurance Mall, Waterdrop Mutual Aid, and Shuidichou, had completed a Series C financing round of over RMB 1 billion. The round was led by Boyu Capital, with participation from prominent investors such as Tencent, CICC Capital, and Gaorong Capital. Taihe Capital served as the exclusive financial advisor.
This is the second round of financing secured by Shuidi Inc. in the first half of the year. On March 27, the company announced that it had raised nearly RMB 500 million in its Series B funding round. In less than three months, Shuidi’s total fundraising has approached RMB 1.6 billion, setting a new record for the highest amount raised in the internet health insurance and health protection sector since the beginning of this year.
“Waterdrop Insurance Mall” is a key business segment of Waterdrop Inc., formerly known as “Waterdrop Insurance,” and holds a nationwide insurance brokerage license. Today, Waterdrop Insurance announced a new brand upgrade plan. Waterdrop Insurance Mall will expand and deepen its insurance categories, enrich its insurance products and services, and strengthen in-depth cooperation with partnered insurance companies. Twenty-eight well-known insurers, including China Taiping, Ping An Insurance, and PICC, attended the event and joined as the first batch of partners. Meanwhile, renowned performing artist Ni Dahong has joined the company as the “Waterdrop Select Officer.”
Shen Peng, Founder and CEO of Waterdrop Inc., stated, “The company will vigorously expand its health insurance and health protection businesses, including the Waterdrop Insurance Mall and Waterdrop Mutual Aid, to create a service model for health insurance and health protection that offers a superior user experience. We will prioritize the use of raised funds to build a professional health insurance team and to apply artificial intelligence in our health insurance operations. Meanwhile, Waterdrop Crowdfunding and the Waterdrop Public Welfare Platform, which constitute Waterdrop’s corporate social responsibility segment, will continue to help more patients from impoverished families with serious illnesses access necessary medical care.”
It is understood that Shuidi Inc. has successively launched the online mutual aid platform Shuidi Huzhu, the personal critical illness fundraising platform Shuidichou, and the internet insurance brokerage platform Shuidi Insurance Mall. Currently, its insurance business is primarily conducted within the WeChat ecosystem through official accounts and mini-programs. The company has now entered the first tier of China’s internet health insurance platforms, and together with Alipay and WeSure, is referred to as the “Big Three Traffic-Driven Insurers.” In May alone, the newly added annualized premium from signed policies exceeded RMB 500 million.
Meanwhile, Waterdrop Insurance Marketplace has partnered with more than 60 insurance companies, launching over 80 high-value, high-quality insurance products. Ninety percent of users completed their first online insurance purchase through Waterdrop Insurance Marketplace, with a repurchase intention rate as high as 73%, gradually establishing it as a leading internet health insurance platform.
Yang Guang, Partner at Shuidi Inc. and General Manager of Shuidi Insurance Mall, stated that for users, the “Insurance Mall” means a wider selection of insurance products and more comprehensive services; for our partners, we will further open up collaboration, building a mutual ecosystem with other industry players to safeguard the future together.
Over the past three years, Shuidi Inc.’s various businesses have expanded rapidly across China’s third-, fourth-, and fifth-tier cities as well as township markets, with its number of independent paying users exceeding 250 million. Shuidi Insurance Mall and Shuidi Mutual Aid constitute the company’s commercial segment, while Shuidi Crowdfunding and Shuidi Public Welfare form its corporate social responsibility arm. Together, they safeguard hundreds of millions of families through a model combining “pre-event protection and post-event assistance.”
Content edited from: China News Service