New Delhi-based RenewBuy, one of India’s leading insurance technology (insurtech) companies, announced that it has raised $45 million in a Series C funding round that will help support its accelerated growth.
In a statement, the company said the funding round was led by UK-based asset manager Apis Partners, through its private equity fund, Apis Growth Fund II. Existing investors Lok Capital and IIFL Wealth also participated in the funding round.
Lok Capital and IIFL Wealth first invested in RenewBuy in its $19-million Series B round in 2019.
The funding comes at a timely pace as RenewBuy said it has seen a significant increase in demand for insurance products as a result of COVID-19.
“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,” RenewBuy CEO Balachander Sekhar said.
RenewBuy, Sekhar added, is taking insurance to the remotest part of the country to those who have been traditionally under-served.
Founded in 2015, the insurtech company, 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
Users can select from a choice of insurers, compare prices and features and receive advice from trained, certified point-of-sale (POS) persons, who educate and support retail customers during every step of their journey.
More than 60% of RenewBuy’s business is from semi-urban and rural areas in India, with a focus on addressing an under-insured population.
The company now has about 50,000 POS partners and has insured more than 2.5 million customers across 650 cities and towns.
Using technology as an enabler, the company has created differentiation in consumer experience and service, as well as in the geographical expansion of the sector.