Indian Insurance broker SecureNow raises USD 6 million in Series B round

SecureNow, a tech-enabled insurance broking startup, raised USD 6 million in a Series B round from Apis Insurtech Fund I, managed by Apis Partners LLP and Charan Singh, on 29 December 2021.

Investor: The latest funding round saw participation from Apis Insurtech Fund I, managed by Apis Partners LLP, and Charan Singh, Founder of SelectQuote Inc. The Apis Group is an ESGI-native global private equity and venture capital asset manager that supports growth-stage financial services and financial infrastructure businesses by providing them with catalytic growth equity capital.

The Objectives behind the funding: The company plans to deploy the current proceeds to develop its platform further, bundle value-added services for its clients and increase client outreach.

About SecureNow

Founded in 2011 by Abhishek Bondia and Kapil Mehta, SecureNow consists of SecureNow TechServices Pvt. Ltd. and SecureNow Insurance Broker Pvt. Ltd. The company is focused on selling commercial insurances to SMEs and mid-market clients. The startup currently serves 25,000 small businesses across 150 locations. Its platform covers the full range of commercial insurances such as group health insurance, property, marine and liability covers. It is the single window for all insurance matters for its clients, including claims.

What the Founder has to say:

“Businesses bravely face material risk every day. A quick look at our risk diagnostic tool would show you how some risks are existential and vary by industry. Still, insurance remains a low-involvement purchase. Clients want to quickly evaluate insurance plans for value and transparency. The only way to deliver this consistently is by the ubiquitous use of technology across the buying journey. The proof of this is in our net retention rate, which is well over 100%. With scale, we increase our ability to consolidate demand and deliver better value for our clients. There are over 60 million firms registered in the country, the majority of which are underinsured. So, we have some ground to cover,” said Kapil Mehta, Co-founder of SecureNow, in a release. 

What the Investors have to say:

“We see a big opportunity in India to meet the needs of underserved businesses,” Udayan Goyal, Co-founder and Managing Partner, Apis Partners, said. “Since there are so many different stakeholders in the insurance ecosystem, a successful venture must have deep insurance domain knowledge and know-how to leverage technology effectively. These are SecureNow’s strengths. They have a strong track record and are well placed to rapidly scale up.” 

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