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Digital insurance startup RenewBuy raises $19 Mn to fuel expansion plans


Digital insurance startup RenewBuy has raised USD 19 million (approximately INR 130 crore) in a Series B funding round led by impact venture capital firm Lok Capital and IIFL Asset Management Ltd. Existing investor Amicus Capital also participated in the round.

The company raised USD 9.2 million (INR 60 crore) in 2017 from Amicus Capital and in 2015, it had raised USD 500,000 (INR 3.3 crore) in an angel funding round led by Singapore-based principal investment and advisory firm Mount Nathan Advisors Pte. Ltd

Owned and operated by D2C Insurance Broking Pvt. Ltd, RenewBuy said in a statement that the proceeds will be used to in expansion activities to 1,000 cities and reach out to 10 million customers by 2022. Currently, it is present in about 450 cities. Funds will also be used to expand the product portfolio and in upgradation of technology. Its app-enabled platform creates a highly efficient and cost-effective journey for agents, insurers, and customers.

Balachander Sekhar, CEO, said, “This new round of funding will enable us to continue our momentum as the fastest growing, full service digital insurance platform in India. It will also accelerate our entry into newer geographies and augment our product portfolio to meet India’s immense unmet insurance demand.”

He further added that the company is expected to turn profitable within next 24 months.

Since its inception in 2015, RenewBuy claims to have become the fastest growing online insurance player with INR 500 crore in annualised premium and a network of over 25,000 Point of Sale (POS) partners on its platform. The company now offers products such as health insurance, personal accident insurance and motor insurance, among others.

Investec India acted as an exclusive financial advisor RenewBuy in the Series B round.

Frankie Brown of Investec India said: “We believe that investors analyse Fin-Tech companies very deeply basis their deep sector experience, especially in India given the tough execution challenges and complex regulatory backdrop.”

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