RenewBuy has today announced it has raised an additional US$10mn in its Series C funding round led by private equity firm Evolvence Capital. The funding is included in a recent investment of US$45mn led by Apis Capital, which, combined, brings the total capital raised for the round to US$55mn.
Developing technology and implementing AI for the consumer
According to an official statement from the Gurugram-based insurtech startup, RenewBuy will use the money to develop its technology to provide a greater digital experience to its consumers. The insurtech aims to achieve this through its point of a salesperson (POSP) insurance advisors and also plans to use artificial intelligence technology across their consumers’ insurance lifecycle, implementing it into claim settlements and insurance purchases.
Talking about the collaboration with Evolvence, 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.”
The digital insurance market
Since being founded in 2015, Renewbuy has developed into a growing online insurance company in India, bringing in US$140mn in premiums every year. Looking to the future, the company aims to obtain a significant share of the digital insurance market, which is predicted to reach a value of between US$15bn and US$20bn in the next few years.
RenewBuy is also expecting to see an increase in revenue in the next five years as it scales up its technology and seeks international market expansion.
Commenting on the opportunities the markets can offer, Khaled al Muhairy, Founder and CEO of 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.”