Gurugram-based insurtech startup RenewBuy on Thursday said it raised an additional $10 million in its Series C round from India-focused private equity platform Evolvence Capital (Evolvence India Fund).
This funding is in addition to the recent $45 million capital investment led by Apis Partners, closing the Series C round at $55 million.
According to an official statement, RenewBuy will use the funds to double down on technology to provide a greater digital experience to the consumers through its POSP (point of a salesperson) insurance advisors. The startup also wants to use AI across the consumer’s insurance lifecycle – from buying insurance to being serviced to claim settlements.
Along with scaling up technology, the startup plans to expand into more countries beyond India, where similar insurance gaps exist in the ecosystem.
Balachander Sekhar, CEO, RenewBuy, said,
“We are happy to announce the partnership with Evolvence, which is known for its investments across global markets, and especially Middle East markets. This is a validation of the work RenewBuy has been doing in the insurance category over the years and the huge opportunity that lies ahead of us.”
Since its inception in 2015, the startup has become a growing online insurance player in India with Rs 1,000 crore ($140 million) in annualised premium.
The company aims to achieve a significant share of the digital insurance market in the next few years, which is expected to grow to more than $15-20 billion. The company expects massive growth over the next five years in its revenue by scaling up technology in business and expanding to national and international markets.
Khaled al Muhairy, Founder and CEO, Evolvence Capital, said,
“E-Digital insurance presents a huge opportunity, both in Indian and international markets, given the demographics and penetration levels in many other countries. With its strong digital-driven distribution model, RenewBuy is undoubtedly the best in the industry, we look forward to supporting them in their national and international growth journey.”