Balachander Sekhar, CEO, RenewBuy.com, said the new round of funding will enable the company to accelerate its entry into newer geographies and augment its product portfolio.
Insurance platform RenewBuy has raised $19 million in its series B funding round that was led by Lok Capital and IIFL Wealth. Existing investor Amicus Capital also took part in the current round.
According to a press statement, the company has on-boarded more than 25,000 POS partners and insured more than 1 million customers across 450 cities since its inception. RenewBuy has now ventured into health insurance and life insurance. With the launch of TravAssured, a travel concierge service, the firm is offering travel insurance along with other travel products and services.
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Balachander Sekhar, CEO, RenewBuy.com, said the new round of funding will enable the company to accelerate its entry into newer geographies and augment its product portfolio. “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,” he said.
Investec India acts as the exclusive financial advisor to RenewBuy. Vinit Barve of Investec India said the $19 million raised through this series will be used to expand to new cities and strengthen the technology platform with offerings across motor, health and life insurance.