Thailand-based insurtech startup Sunday has successfully acquired a 99% stake in PT KSK Insurance Indonesia, a general insurer, according to DealStreetAsia.
This strategic acquisition has been greenlit by Indonesia’s Financial Services Authority (OJK), though the financial specifics of the deal remain undisclosed.
Established in 2017, Sunday leverages artificial intelligence and digital platforms to craft and deliver insurance solutions tailored to meet a wide array of individual and business needs.
The company made its foray into the Indonesian market in 2022, securing its status as a registered insurtech and licensed broker.
PT KSK Insurance Indonesia, known for offering a diverse range of insurance products including car, property, and cargo insurance, has established a robust presence across major Indonesian regions such as Jabodetabek, Bandung, Surabaya, Medan, and Bali.
The merger is reportedly set to create a powerhouse with combined revenues exceeding US$100 million. Sunday has demonstrated significant organic growth, reporting over US$70 million in premiums sold as of 2023.
In contrast, PT KSK Insurance Indonesia has reported a gross written premium of around US$40 million for the last year.
Cindy Kua, Co-founder and CEO of Sunday, emphasised the company’s commitment to enhancing product offerings and services for corporate clients, partners, agents, and brokers, aiming to cater to the burgeoning middle-income demographic with improved claims processing, lifestyle, and risk prevention services.
Sunday’s latest fundraising effort in September 2021 saw the company raising US$45 million in a Series B round to support its plans to expand its retail product offerings further.
This round saw participation from a mix of new and returning investors, including tech giant Tencent Holdings, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia & India, Quona Capital, Aflac Ventures, Z Venture Capital, and KSK Ventures.
