Insurtech company RenewBuy on Friday said it has raised USD 45 million (about Rs 320 crore) in a Series C funding round to scale up technology, add more products and expand the digital network.
The funding round led by Apis Growth Fund II, a private equity fund managed by Apis Partners LLP – a UK-based asset manager that supports growth-stage financial services and financial technology businesses, it said in a release. RenewBuy’s existing investors, Lok Capital and IIFL Wealth also participated in the funding round.
RenewBuy group, through its subsidiary D2C Insurance Broking Private Limited, enables retail customers to buy motor, health and life insurance products with a unique end-to-end digital experience. ‘We are taking insurance to the remotest part of the country to those who have been traditionally under-served.
“Whilst consumers can buy directly, experience has shown that they always prefer to deal with trained advisors who can explain the product and its terms and conditions and provide assistance on future claims,’ said Balachander Sekhar, CEO, RenewBuy group.
RenewBuy said it has about 50,000 point-of-sale people (POSP) advisors and insured more than 2.5 million customers across 650 cities and towns. ‘We believe the next 5 years will be a phase of exponential growth for the company, reaching 25 million customers through over 2,00,000 POSP advisors in India and beyond.
‘I believe that Apis Partners, with its significant global expertise in InsurTech, is the right partner to help realize this target,’ Sekhar noted. Udayan Goyal, Managing Partner, and Apis Partners Co-Founder, said with less than 10 percent of India’s 1.4 billion population are currently insured, this sector represents a huge growth opportunity given the demographics and current penetration levels. More than 60 per cent of RenewBuy’s business comes from semi-urban and rural areas in India.