Saturday, May 25, 2024

Leading InsurTech RenewBuy raises US$45 million

RenewBuy, one of India’s leading InsurTech companies, has raised US$ 45 million, in a series C funding round.This funding round has been led by an investment from Apis Partners LLP, a UK-based asset manager.

Speaking on the fund raise, Balachander Sekhar, CEO, RenewBuy group said, At RenewBuy, we have created a cutting-edge technology solution that more than 50,000 POSP advisors use – in 650 plus cities.

Udayan Goyal, Managing Partner and Apis Partners Co-Founder said, “As experienced InsurTech investors, we are thrilled to become significant investors in RenewBuy. With less than 10% of India’s 1.4 billionpopulation currently insured, this sector represents a huge growth opportunity given the demographics and current penetration levels.

Matteo Stefanel, Managing Partner and Apis Partners Co-Founder, said, “We are delighted to announce our partnership with RenewBuy, who have already proven to be leaders in the digitally assisted insurance market. Given that the Indian Insurance industry has grown at a healthy pace of 17% CAGR over the last decade and is expected to have a long-term secular growth.

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