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RenewBuy to strengthen digital agency force

RenewBuy, a digital insurance broker, wants to ramp up its multi-company digital agency force to two lakh over the next three years, said its Chief Executive Officer Balachander Sekhar. This insurance-tech company now has 27,000 agents in 450 cities. Sekhar told BusinessLine here that the company intends to cover 1,000 cities with digital agency force of about one lakh in two to three years. RenewBuy has an unique business model that is based on multi-company agency force using ‘point of sale’ terminals and is challenging the entire single company-tied agency model.

Sept. 4, 2019

RenewBuy eyes Rs 800 crore premium in FY20

Insurance broking firm RenewBuy is targeting a premium of Rs 800 crore in FY20. The digital insurance platform that specializes in motor insurance apart from products like health, has recently raised Rs 130 crore of Series B funding and wrote Rs 300 crore business in FY19.

Aug. 31, 2019

Using tech and agents, how RenewBuy acquired 1M customers in four years

According to an annual report by insurance regulator IRDAI, insurance penetration in India is one of the lowest at 3.69 percent. Even after 19 years of privatisation, the industry has not reached its full potential. And despite many companies going digital in India, customers still prefer brokers and agents to buy insurance. With a vision to solve the under penetration in the insurance sector, Indraneel Chatterjee and Balachander Sekhar started RenewBuy in 2015 in Gurugram. It is an online insurance aggregator, which is backed by a proprietary technology platform through which an agent can offer insurance products to customers.

Aug. 29, 2019

Using tech and agents, how RenewBuy acquired 1M customers in four years

According to an annual report by insurance regulator IRDAI, insurance penetration in India is one of the lowest at 3.69 percent. Even after 19 years of privatisation, the industry has not reached its full potential. And despite many companies going digital in India, customers still prefer brokers and agents to buy insurance. With a vision to solve the under penetration in the insurance sector, Indraneel Chatterjee and Balachander Sekhar started RenewBuy in 2015 in Gurugram. It is an online insurance aggregator, which is backed by a proprietary technology platform through which an agent can offer insurance products to customers. The founders say it works as a digital agent model, which provides transparency and offers instant insurance for lower prices.

Aug. 29, 2019

RenewBuy raises Rs 130 crore from Lok Capital, IIFL

Digital insurance platform RenewBuy.com has raised Rs 130 crore ($19 million) in Series B round of funding led by Lok Capital, IIFL AMC. RenewBuy’s existing investor Amicus Capital also participated in the current round.

July 3, 2019

RenewBuy raises $19 million in series B funding round

Balachander Sekhar, CEO, RenewBuy.com, said the new round of funding will enable the company to accelerate its entry into newer geographies and augment its product portfolio. Insurance platform RenewBuy has raised $19 million in its series B funding round that was led by Lok Capital and IIFL Wealth. Existing investor Amicus Capital also took part in the current round. According to a press statement, the company has on-boarded more than 25,000 POS partners and insured more than 1 million customers across 450 cities since its inception. RenewBuy has now ventured into health insurance and life insurance. With the launch of TravAssured, a travel concierge service, the firm is offering travel insurance along with other travel products and services.

July 3, 2019

Digital insurance company RenewBuy raises Rs 130 crore in latest round 

Digital insurance company RenewBuy has raised Rs 130 crore in its latest round of equity financing, led by venture capital firm Lok Capital and IIFL Asset Management, an investment unit of financial services company IIFL Holdings. 

July 2, 2019

RenewBuy raises $19 million in Series B funding led by Lok Capital

RenewBuy.com, a digital insurance platform, has raised Rs 130 crores ($ 19 million) in a Series B round of funding led by Lok Capital, IIFL AMC. RenewBuy’s existing investor Amicus Capital also participated in the current round.

July 2, 2019

Lok Capital, IIFL AMC bet on digital insurance platform RenewBuy

Digital insurance platform RenewBuy has raised Rs 130 crore ($18.85 million) in a Series B funding round led by impact venture capital firm Lok Capital and IIFL Asset Management Ltd.

July 2, 2019

RenewBuy raises Rs 130 cr from Lok Capital, IIFL AMC

Digital insurance platform RenewBuy.com Tuesday said it has raised Rs 130 crore (USD 19 million) in a funding round led by Lok Capital and IIFL AMC. RenewBuy's existing investor Amicus Capital also participated in the Series B round of funding.

July 2, 2019

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