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Digital Insurance Company, RenewBuy Obtained INR 130 Crore

With these proceeds, RenewBuy sets a target to expandits network to 1000 cities by 2022.
BY BEx Bureau
BusinessEx
Jul 03, 2019

Digital insurance platform, RenewBuy announced that it has raised INR 130 crore. The funding was led by VC firm, Lok Capital and IIFL Asset Management, an investment arm or subsidiary of IIFL Holdings.

RenewBuy, which is operated by D2C Insurance Broking Pvt. Ltd, It has said that it will expand its footprint to enter in new cities. The company has targeted to increase its network to 1000 cities by 2022. Further, it plans to introduce new products, according to a media report.

The startups capital efficient business would help it turn profitable within 24 months while retaining its growth level. The company has invested INR 13 crore for online startup CEO of RenewBuy, Balachander Sekhar told the daily news, VC Circle.

RenewBuy firm is the first investment in the insurance space Co-founder and MD of Lok Capital, Venkatesh Natarajan told the daily news, VC Circle.

Natarajan added, the company has exhibited exponential growth because of its unique business model and technology-led fulfilment with a focus on service.

RenewBuy was initiated in 2015 by Balachander Sekhar, Sandeep Nanda, Devesh Joshi, Indraneel Chatterjee, Harmanpreet Singh, Sulbha revenue more than INR 500 Crore, according to companys statements. Presently, the company has its presence in 450 cities along with 25,000(POS) partners and more than 1 million customers across India. More so, the company has ventured into life and health insurance.

RenewBuy was initiated in 2015 by Balachander Sekhar, Sandeep Nanda, Devesh Joshi, Indraneel Chatterjee, Harmanpreet Singh, Sulbha revenue more than INR 500 Crore, according to companys statements. Presently, the company has its presence in 450 cities along with 25,000(POS) partners and more than 1 million customers across India. More so, the company has ventured into life and health insurance.

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