RenewBuy, an InsurTech company, has raised US$ 45 million, in a series C funding round. This funding round has been led by an investment from 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. RenewBuy’s existing investors, Lok Capital and IIFL Wealth also participated in the fundraise.
RenewBuy group, through its Subsidiary D2C Insurance Broking Private Limited enables retail customers to buy motor, health and life insurance products with an end-to-end digital experience.
Speaking on the fund raise, Balachander Sekhar, CEO, RenewBuy group said, “Insurance penetration in India continues to be low at about 3.76%. Demand for Insurance is strong in India, supply has always been a gap. At RenewBuy, we have solved this by creating a cutting-edge technology solution that more than 50,000 POSP advisors use – in 650 plus cities. 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.”
“In the 5 years since our launch, we have managed to provide Health, Life and Motor insurance provided by more than 35 insurance companies to a customer base of 2.5 million people. We believe the next 5 years will be a phase of exponential growth for the company, reaching 25 million customers through over 200,000 POSP advisors in India and beyond. I believe that Apis Partners, with its significant global expertise in InsurTech, is the right partner to help realise this target.” added Balachander Sekhar.
Udayan Goyal, Managing Partner and Apis Partners Co-Founder said, “As experienced InsurTech investors, we are thrilled to become significant investors in RenewBuy. With less than 10% of India’s 1.4 billion population currently insured, this sector represents a huge growth opportunity given the demographics and current penetration levels. We have been impressed with the experience and domain expertise of the founders, senior management and broader team that we have met during the investment process and are excited to work with them as they execute their vision of further transforming the Indian Insurtech landscape.”
Matteo Stefanel, Managing Partner and Apis Partners Co-Founder, said, “We are delighted to announce our partnership with RenewBuy, who have already proven to be leaders in the digitally assisted insurance market. Given that the Indian Insurance industry has grown at a healthy pace of 17% CAGR over the last decade and is expected to have a long-term secular growth, we believe that RenewBuy is uniquely positioned to capitalise on this growth and increase its already impressive nationwide footprint. We look forward to supporting them on their journey.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.