You are here: Home » PTI Stories » National » News
Business Standard

RenewBuy raises Rs 130 cr from Lok Capital, IIFL AMC

Topics
Business Finance

Press Trust of India  |  New Delhi 

Digital insurance platform RenewBuy.com Tuesday said it has raised Rs 130 crore (USD 19million) 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 on its platform, the company is currently present in over 450 cities. RenewBuy.com is on course to cover 1,000 new cities by 2022 by bringing on board more than 2 lakh POS partners.

In 2017, the company had raised Rs 60 crore in Series A round of funding from Amicus Capital, a mid-market growth capital fund, which also participated in the current round.

Investec was the investment banker for the transaction.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, July 02 2019. 16:30 IST
RECOMMENDED FOR YOU