Digital insurance platform RenewBuy.com raises $19 million
Digital insurance platform RenewBuy.com raises $19 million in a funding round led by Lok Capital and IIFL AMC.
RenewBuy's existing investor Amicus Capital also participated in the Series B round of funding.
The investment will enable the company to increase its footprint to 1,000 cities, augment product portfolio, and insure 10 million customers by 2022, a company release said.
"It will also accelerate our entry into newer geographies and augment our product portfolio to meet India's immense unmet insurance demand. Our competitive advantage of being a capital efficient business model will enable us to turn profitable within next 24 months while retaining our explosive growth," RenewBuy.com CEO Balachander Sekhar said.
With a network of over 25,000 Point of Sale (POS) partners ...