With a leap in demand for insurance products, Gurugram, India-based InsurTech firm RenewBuy has raised US$ 45 million in a Series C funding round led by Apis Partners on 18 June 2021.
Investors: The funding round was led by investment from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, a UK-based asset manager supporting growth-stage financial services and financial technology businesses. RenewBuy’s existing investors, Lok Capital and IIFL Wealth, also participated in the fundraiser.
Purpose of the funding: The company seeks to utilise the funds to upgrade its technology capabilities to diversify its customer base ten times to over 25 million in the coming five years.
About RenewBuy
Started in 2015 by Balachander Sekhar and Indraneel Chatterjee, the firm has grown with Rs 1,000 crore in annualised premium. Through its subsidiary D2C Insurance Broking Private Limited, the company enables retail customers to buy motor, health and life insurance products with a unique end-to-end digital experience. Over 60 percent of RenewBuy’s demand for products comes from semi-urban and rural regions in India. The company supplied its services to 25 lakh customers across 650 cities and small towns and employed nearly 50,000 agents. It managed to earn a premium of around Rs 700 crore in FY21, which was 25% greater than the previous year proceedings.
The insurance industry has witnessed a surge in demand for insurance products. Hence, in this period, RenewBuy has intensified its expansion plans, and its digital platform has secured a vital market share.
What the CEO has to say: “We intend to bring our services to the least developed region of the country to serve the traditionally under-served. The next five years are crucial for our company’s growth. We hope to achieve exponential growth, serving 25 million customers through over 2,00,000 POSP advisors in India and more. I believe that Apis Partners, having a team of proficient individuals with expertise in insurtech, will aid us in achieving our goal.”- Balachander Sekhar, CEO of RenewBuy.
What the Investors have to say: “The insurance sector exhibits significant potential for growth in India as less than 10% of Indians are currently insured. We are astonished by the level of skills and expertise of the founders, senior management and remaining team that we have encountered in the course of the investment proceeding and are exhilarated to invest in their company as they implement their target of modifying the Insurtech domain of India.”- Udayan Goyal, Managing Partner and Co-founder of Apis Partners.
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