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Wed, 7 Jul 2021 | The Economic Times
The Economic Times

RenewBuy raises $45 million in Series C funding from Apis fund

Insurtech startup RenewBuy has raised $45 million (about Rs 320 crore) in a Series C funding round led by Apis Growth Fund II, a private equity fund managed by UK-based asset manager Apis Partners.

Existing investors Lok Capital and IIFL Wealth also participated in the fundraising. The fresh capital will be used to scale technology, add more products and expand the digital network.

RenewBuy Group, through its subsidiary D2C Insurance Broking Pvt. Ltd., 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 underserved. Whilst consumers can buy directly, experience has shown that they always prefer to deal with trained advisers who can explain the product and its terms and conditions and provide assistance on future claims," said Balachander Sekhar, chief executive officer of RenewBuy group.

The insurtech startup has about 50,000 point-of-sale persons and insured more than 2.5 million customers across 650cities and towns. "We believe the next fi ve years will be a phase of exponential growth for the company, reaching 25million customers through over 2,00,000 POSP advisers in India and beyond," Sekhar said. "I believe that Apis Partners, with its significant global expertise in InsurTech, is the right partner to help realise this target."

Udayan Goyal, managing partner and Apis Partners' co-founder, said with less than 10% of India's 1.4 billion population are currently insured, this sector represents a huge growth opportunity given the demographics and current penetration levels.