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RenewBuy.com, a digital insurance platform, has raised Rs 130 crores ($ 19 million) in a Series B round of funding led by Lok Capital, IIFL AMC.
RenewBuy’s existing investor Amicus Capital also participated in the current round.
Commenting on the announcement, Balachander Sekhar, CEO, RenewBuy.com 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”.
This company now expects to turn profitable within the next 24 months.
The Series B funding comes at a time of significant growth and diversification for RenewBuy.com. Its app-enabled platform creates a highly efficient and cost-effective journey for agents, insurers, and customers.
Since its inception in 2015, it has become the fastest growing online insurance player with Rs 500 Crores in annualised premium. With a network of over 25,000 Point of Sale (POS) partners on its platform, the company is currently present in over 450 cities. RenewBuy.com is on course to cover 1,000 new cities by 2022, by bringing on board more than 200,000 POS partners.
Venkatesh Natarajan, Co-Founder & Managing Partner, Lok Advisory Services said, “RenewBuy is Lok’s first investment in the insurance space. A highly passionate team with deep domain expertise, a differentiated business model, and technology-led fulfilment coupled with a clear focus on service have enabled the company to demonstrate exponential growth. We are excited to partner with a company that is disrupting the insure-tech space and is on course to emerge as the leader in the category in the next few years”
Prashasta Seth, Senior Managing Partner, IIFL AMC, said, “By 2020, around 650 million Indians will be online, and every aspect of their life will be digital. RenewBuy.com has created one of the most cost efficient, customer-centric model through its proprietary end-to-end digital insurance platform and has digitized the entire insurance value chain. We have full confidence in this team as they disrupt this fast-growing category and continue their rapid growth towards leadership in the space.”
In 2017, RenewBuy raised Rs 60 Crores in its Series A round of funding from Amicus Capital, mid-market growth capital fund, which is also participating in the current round.
Srivats.kr@thehindu.co.in
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