RenewBuy Raises Funding $45M Round Led By Apis Partners
- ByStartupStory | June 19, 2021
Insurtech startup RenewBuy raises funding $45M, in a Series C funding round led by an investment from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, a UK-based asset manager that supports growth-stage financial services and financial technology businesses. Existing investors of Gururam-based startup Lok Capital and IIFL Wealth, also participated in the funding round.
Balachander Sekhar, CEO, RenewBuy group, said regarding RenewBuy raises funding, “Insurance penetration in India continues to be low at about 3.76 percent. The demand for insurance is strong in India, supply has always been a gap. At RenewBuy, we have solved this by creating a cutting-edge technology solution that more than 50,000 POSP advisors use – in 650 plus cities. We are taking insurance to the remotest part of the country to those who have been traditionally under-served.”
RenewBuy group, through its subsidiary D2C Insurance Broking Private Limited, enables retail customers to buy motor, health, and life insurance products with an end-to-end digital experience.
Udayan Goyal, Managing Partner and Co-founder, Apis Partners said regarding RenewBuy raises funding, “With less than 10 percent of India’s 1.4 billion population currently insured, this sector represents a huge growth opportunity given the demographics and current penetration levels.”
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