More series C funding from new investor Evolvence India Fund raised by RenewBuy
RenewBuy, a digital insurance marketplace, announced on Thursday that it has secured $10 million (Rs 74 crore) in fresh Series C investment from Evolvence India Fund, a new investor.
With the addition of Evolvence India Fund to RenewBuy’s cap table, the startup’s Series C fundraising round was concluded at $55 million. Last month, RenewBuy announced that the Series C investment was led by Apis Partners LLP, a UK-based asset management. D2C Insurance Broking Pvt Ltd’s RenewBuy is utilising the additional funds to improve its technology and grow outside the local market.
Balachander Sekhar and Indraneel Chatterjee started the firm in 2015 with a focus on the auto insurance industry.
It has an annualised premium of Rs 1,000 crore ($140 million), and more than 60% of its business originates from India’s semi-urban and rural areas.
Over 200,000 point-of-sale personnel in India and abroad are expected to reach 25 million clients in the next five years.
In July 2019, the company secured Rs 130 crore in Series B investment led by Lok Capital and IIFL. The firm had previously received $9.2 million (about Rs 60 crore) from Amicus Capital in 2017.
In India, insurance technology firms have received a lot of investor interest, with companies like Policybazaar filing draught documents with the market regulator for an IPO.
