Insurance Disruptor RenewBuy Raises $19M From Lok Capital,IIFL AMC
Gurugram-based insurance tech startup RenewBuy has secured INR 130 Cr ($19 Mn) in funding from Lok Capital, IIFL AMC and existing investors in a Series B round.
Amicus Capital, which had invested INR 60 Cr in RenewBuy during their series A round in 2017, is also participating in this round. The funding will enable the company to increase footprint into 1000 cities, augment product portfolio, and insure 10 Mn customers by 2022.
The funding comes at a time of significant expansion for RenewBuy, whose app-enabled platform simplifies the motor insurance journey for insurers, agents and customers alike.
RenewBuy was founded in 2015 by Balachander Sekhar, Indraneel Chatterjee, Sandeep Nanda, Devesh Joshi, Harman Preet Singh, and Sulbha Rai. Since then, the auto insurance platform claims over INR 500 Cr through annualised premium payments. It is currently present in 450 cities with 25K PoS partners and 1 Mn users.
RenewBuy, which currently insures over one million customers across India, has also ventured into health and life insurance. With its most recent offering, travel concierge service TravAssured, RenewBuy has become a full-service digital insurance aggregator.