Delhi NCR based startup SecureNow raises $6 million
- ByTejika Bajaj | December 30, 2021
Delhi NCR based insurance broking startup SecureNow has recently announced that it has raised a sum of $6 million through its Series B round of funding. The round saw participation from Apis Insurtech Fund I, managed by Apis Partners LLP, and Charan Singh, founder of SelectQuote Inc.
Through the recently infused capital, the insurtech startup aims to augment growth and reach one million businesses within the next three years. The startup also aims to expand its reach domestically as well as globally while emerging as a profitable startup by the financial year 2023.
Talking about the recent round of funding as well as the company’s motto, the co-founder of SecureNow, Kapil Mehta said, “With scale, we increase our ability to consolidate demand and deliver better value for our clients. There are over 60 million firms registered in the country, the majority of which are underinsured. So, we have some ground to cover.”
Founded in 2011 by Kapil Mehta and Abhishek Bondia, SecureNow sells pure-risk, commercial insurances to small and medium enterprises using an end-to-end insurtech platform. It has a mobile app Notify and a Customer Relationship Management software system PAM to give insurance and to make the claims process efficient and hassle-free. The firm handles all the insurance requirements of the business, selling a full range of insurance products including group health insurance, property, marine, and liability covers. It also handles claims and insurance services on behalf of clients.
Commenting upon the recent investment in an insurtech platform, the co-founder and Managing Director of Apis Partners, Udayan Goyal stated, “We see a big opportunity in India to meet the needs of underserved businesses. Since there are so many different stakeholders in the insurance ecosystem, a successful venture must have deep insurance domain knowledge and know-how to leverage technology effectively. These are SecureNow’s strengths. They have a strong track record and are well placed to rapidly scale up.”
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