The investment will enable RenewBuy to expand into 1000 cities by 2022 Series A investor Amicus Capital also took part in this round The company claims to have over INR 500 Cr in annualised premiums currently Gurugram-based insurance tech startup RenewBuy has secured INR 130 Cr ($19 Mn) in funding from Lok Capital, IIFL AMC and existing investors in a Series B round. Amicus Capital, which had invested INR 60 Cr in RenewBuy during their Series A round in 2017, is also participating in this round. The funding will enable the company to increase footprint into 1000 cities, augment product portfolio, and insure 10 Mn customers by 2022.
Gurugram based online insurance comparison platform RenewBuy’s website boasts of a strong backend technology integration with leading insurance companies. But talk to its Chief Executive Officer Balachander Sekhar and the importance of distribution and the role of the agent come out as equal heroes in the company’s script.
The nascent online insurance segment is expected to grow exponentially over the next 5 years and touch almost Rs 600 billion on the back of expanding digital ecosystem. Currently, the domestic online insurance space is a miniscule 2-3 per cent
In order to facilitate the associated partners’, RenewBuy has launched an exclusive CashOnline service which will allow RenewBuy Partners to collect cash from their customer and issue policies online.
RenewBuy aims to solve this huge Motor Insurance under-penetration gap by strengthening its presence across the states by going deeper into the cities
RenewBuy.com, is all set to make a foray into Uttar Pradesh to solve under-penetration of motor insurance.
During his past seven years of owning a two-wheeler Nirmal Kaur could not find an agent in Delhi willing to renew his insurance policy. He feels the commission for renewing a lapsed policy is too low for anyone to be interested.
RenewBuy.com, an online motor insurance aggregator and broking firm, hopes to double its annual premium turnover to ?200 crore in the next two years with its proposed expansion to southern and western regions.
Amicus Capital, the growth-stage investment fund co-launched by former Carlyle Group managing director Mahesh Parasuraman, has struck its maiden deal, having invested Rs 60 crore in online insurance aggregator RenewBuy.
Driving without insurance is a big issue with two-wheeler, not merely because they usually have small-ticket policies. Can multi-year policies improve the situation?