RenewBuy.com, based out of New Delhi, has raised $19 million (₹130 crore) in a Series B funding round led by Lok Capital, IIFL Wealth. While, Amicus Capital, the existing investor into the fintech startup also participated in the round.
The digital insurance provider company will be using the funds to expand into greater geographies as well as introduce newer products to its portfolio.
“This new round of funding will enable us to continue our momentum. It will also accelerate our entry into newer geographies and augment our product portfolio to meet India’s immense unmet insurance demand. Our competitive advantage of being a capital efficient business model will enable us to turn profitable in the next 24 months while retaining our explosive growth,” Balachander Sekhar, CEO of RenewBuy.com said.
The startup was powered in 2015 by Sekhar. It is an online insurance aggregator which provides motor, health insurance along with personal accident cover. With a network of over 25,000 Point of Sale (POS) partners on its platform, the company is currently present in over 450 cities and receives ₹500 crore in annualised premium.
In 2017, RenewBuy had secured ₹60 crore in its Series A round of funding from Amicus Capital, mid-market growth fund.
“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” Venkatesh Natarajan, co-founder & managing partner, Lok Advisory Services said.
According to the startup, it is on course to cover 1,000 new cities by 2022, by bringing on board more than 200,000 POS partners. Additionally, the company is also looking to insure 10 million customers by 2022.
Some of the insurance tech startups in India includes Policybazaar, Acko, Digit Insurance, Coverfox, Turtlemint, OneAssist, and many more.