Insurtech company RenewBuy has raised $45 million in a Series C funding round to scale up technology, add more products and expand the digital network.
The funding round was led by Apis Growth Fund II, a private equity fund managed by UK-based asset manager Apis Partners LLP, which supports growth-stage financial services and financial technology businesses, RenewBuy 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,” RenewBuy group Chief Executive Officer Balachander Sekhar said.
RenewBuy said it has about 50,000 point-of-sale person (POSP) advisors and insured more than 2.5 million customers across 650 cities and towns.
“We believe the next five 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,” Sekhar said.
He added that he believes Apis Partners, with its significant global expertise in InsurTech, is the right partner to help realise this target.
“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,” Apis Partners Co-Founder Udayan Goyal said.
More than 60% of RenewBuy’s business comes from semi-urban and rural areas in India.