Digital insurance platform RenewBuy.com has raised Rs 130 crore ($19 million) in Series B round of funding led by Lok Capital, IIFL AMC. RenewBuy’s existing investor Amicus Capital also participated in the current round.
In 2017, the company had raised Rs 60 crore in Series A funding from Amicus Capital, a mid-market growth capital fund.
Balachander Sekhar, CEO, RenewBuy.com said, the funding will accelerate their entry into newer geographies and augment the product portfolio to meet India’s immense unmet insurance demand.
RenewBuy has an app-enabled platform and Rs 500 crore of 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. The company is looking to reach 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 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 (RenewBuy) to demonstrate exponential growth. This is Lok Capital's first investment in the insurance space.
Investec was the investment banker on the transaction.
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 models through its proprietary end-to-end digital insurance platform and has digitized the entire insurance value chain."