Online insurance startup RenewBuy raises $45 million led by Apis Partners
RenewBuy's existing investors,
RenewBuy group, through its subsidiary D2C Insurance Broking Private Limited, enables retail customers to buy motor, health and life insurance products with a unique end-to-end digital experience.
"We are taking insurance to the remotest part of the country to those who have been traditionally under-served.
"Whilst consumers can buy directly, experience has shown that they always prefer to deal with trained advisors who can explain the product and its terms and conditions and provide assistance on future claims," said Balachander Sekhar, CEO, RenewBuy group.
RenewBuy said it has about 50,000 point-of-sale person (POSP) advisors and insured more than 2.5 million customers across 650 cities and towns.
"We believe the next 5 years will be a phase of exponential growth for the company, reaching 25 million customers through over 2,00,000 POSP advisors in
"I believe that Apis Partners, with its significant global expertise in InsurTech, is the right partner to help realise this target," Sekhar noted.
Udayan Goyal, Managing Partner and Apis Partners Co-Founder, said with less than 10 per cent of India's 1.4 billion population are currently insured, this sector represents a huge growth opportunity given the demographics and current penetration levels.
More than 60 per cent of RenewBuy's business comes from semi-urban and rural areas in India.
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