Apis Growth Fund IIleads$45 million Investment in Insurtech Startup RenewBuy
RenewBuy, an insurtech startup has raised $45 million in a Series C funding round 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. Existing investors, Lok Capital and IIFL Wealth also participated in the funding round.
Based in Gurugram, through its subsidiary D2C Insurance Broking Private Limited,RenewBuy group enables retail customers to buy motor, health, and life insurance products with an end-to-end digital experience. According to Balachander Sekhar, CEO, RenewBuy, the firm has facilitated Health, Life, and Motor insurance provided by more than 35 insurance companies to a customer base of 2.5 million people since its inception five years ago.
The company has also seen a rise in customers during the Covid crisis which has increase ithe demand for insurance products.
Balachander Sekhar, CEO, RenewBuy group, said, “Insurance penetration in India continues to be low at about 3.76 percent. The 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.”
Balachander also explained that although 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 claims to have become one of the fastest growing Indian online insurance company with Rs 1,000 crore ($140 million) in annualised premium. The firm gets over 60 percent of its business is from semi-urban and rural Indian areas. The company believes that over the next five years it will undergo a phase of exponential growth, reaching 25 million customers through over 200,000 POSP advisors in India and beyond.
“With less than 10 percent of India's 1.4 billion population currently insured, this sector represents a huge growth opportunity given the demographics and current penetration levels,” said Udayan Goyal, Managing Partner and Co-founder, Apis Partners.
Based in Gurugram, through its subsidiary D2C Insurance Broking Private Limited,RenewBuy group enables retail customers to buy motor, health, and life insurance products with an end-to-end digital experience. According to Balachander Sekhar, CEO, RenewBuy, the firm has facilitated Health, Life, and Motor insurance provided by more than 35 insurance companies to a customer base of 2.5 million people since its inception five years ago.
The company has also seen a rise in customers during the Covid crisis which has increase ithe demand for insurance products.
Balachander Sekhar, CEO, RenewBuy group, said, “Insurance penetration in India continues to be low at about 3.76 percent. The 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.”
Balachander also explained that although 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 claims to have become one of the fastest growing Indian online insurance company with Rs 1,000 crore ($140 million) in annualised premium. The firm gets over 60 percent of its business is from semi-urban and rural Indian areas. The company believes that over the next five years it will undergo a phase of exponential growth, reaching 25 million customers through over 200,000 POSP advisors in India and beyond.
“With less than 10 percent of India's 1.4 billion population currently insured, this sector represents a huge growth opportunity given the demographics and current penetration levels,” said Udayan Goyal, Managing Partner and Co-founder, Apis Partners.
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