Delhi-NCR Based Start-up SecureNow Garners $6 Million from Apis Insurtech Fund I & Others
With the new round of funding, the firm hopes to expand its operations. According to a statement released by SecureNow, “it has reinforced its focus on commercial insurance issuance by building an end-to-end insurtech platform currently serving 25,000 small businesses across 150 locations”.
The firm hopes to increase its client base to more than 1 million enterprises in the next three years, which is also when it expects to become profitable, according to the company.
SecureNow's platform provides a single-window for all insurance problems for its clients, including claims, and includes a full spectrum of business insurances, including group health insurance, property, marine, and liability coverage.
During the pandemic, SecureNow's platform saw a large increase in traffic since traditional distribution channels that needed face-to-face selling were stressed, according to the company.
The SecureNow Group (SecureNow) was founded in 2011 by Abhishek Bondia and Kapil Mehta and comprises of SecureNow TechServices and SecureNow Insurance Broker, which sells commercial insurance to SMEs and mid-market clients. The business had already raised $3 million.
The insurtech industry has seen considerable expansion in recent years, owing in part to pandemic-induced digitalisation.