Chinese Insurtech platform Waterdrop is preparing for a US listing that could happen as early as this quarter, at a valuation exceeding USD 10 billion, local news outlet Jiemian reported on Thursday.
The company completed two rounds of fundraising last year bagging a total of USD 380 million from investors such as Swiss Re, IDG, and Tencent, which has been backing the startup since its angel round.
Founded in 2016 by Meituan alumni Shen Peng, Waterdrop started as a crowdfunding platform for people who can’t afford the medical costs of severe illness. Later it expanded to mutual aid programs and insurance, which has now become the main source of revenue, 36Kr reported. As of June, Waterdrop had some 330 million paid users, 76% of which are from third and lower-tier cities, according to the report.
COVID-19 made many Chinese realize the importance of insurance. Zhong An (HKEX: 6060), China’s first online insurance platform, expects to earn a profit for 2020, said a company statement. Its financial report for the first half of the year indicated a 14.7% year-on-year increase in premium collected.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.