Total amount raised
$132.7 Millions
Latest funding date
07/01/2023
Location
RenewBuy has successfully raised funds through multiple rounds, with its latest being a Series D round on July 18, 2023. The company has attracted nine investors, including notable names like Dai-Ichi Life Holdings Inc ADR and InnoVen Capital.
RenewBuy's platform offers a range of insurance products, simplifying the insurance journey for its users. Keep reading to explore the intricacies of RenewBuy's fundraising journey and the investors backing this innovative platform.
What Is RenewBuy?
RenewBuy, founded in 2015, is an InsurTech company based in Gurgaon, Haryana, India. The company offers a variety of insurance policies and financial products through its online distribution platform.
Founded by Balachander Sekhar, Devesh Joshi, Harman Preet Singh, Indraneel Chatterjee, and Sandeep Nanda, RenewBuy aims to simplify the insurance journey for its users. The platform provides life and general insurance policies, expert insurance advice, and ensures that their POSP (Point of Sale Person) advisors can efficiently and instantly provide the right advice and sell the right insurance to their customers.
RenewBuy employs between 1001-5000 people, making it a significant player in the insurance industry. The company focuses on quick, secure, and dependable service, empowering its customers' financial futures.
How Much Funding Has RenewBuy Raised?
- Angel Round
- Amount Raised: $500K
- Date: November 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial platform.
- Angel Round
- Amount Raised: $1M
- Date: April 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series A
- Amount Raised: ₹600M
- Date: October 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market penetration.
- Series B
- Amount Raised: ₹1.3B
- Date: July 2019
- Lead Investors: 360 ONE Asset, Lok Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market reach and enhance technological infrastructure.
- Series C
- Amount Raised: ₹3.3B
- Date: June 2021
- Lead Investors: Apis Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and prepare for future growth opportunities.
- Series C
- Amount Raised: ₹740M
- Date: August 2021
- Lead Investors: Evolvence India Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand into new markets.
- Debt Financing
- Amount Raised: $8.5M
- Date: November 2022
- Lead Investors: Stride Ventures, InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and specific projects.
- Series D
- Amount Raised: ₹680M
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand technological capabilities and market reach.
- Series D
- Amount Raised: $40M
- Date: July 2023
- Lead Investors: Dai-Ichi Life Holdings Inc ADR
- Valuation at Round: $364M
- Motivation Behind the Round: To leverage technology for sales efficiency and expand beyond top 30 cities in India.
Total Amount Raised: $133M
Current Valuation: $364M
Key Investors
- Dai-Ichi Life Holdings Inc ADR
- Details: Dai-Ichi Life Holdings Inc ADR is a major Japanese insurance company involved in life insurance and other financial services. The company has a significant presence in the Asian market and aims to leverage technology to innovate and disrupt traditional insurance models.
- Investment Focus Areas: Life insurance, financial services
- Notable Investments: Various life insurance companies globally
- Evolvence India Fund
- Details: Evolvence India Fund is a private equity firm that focuses on investments in India. The firm targets sectors that have high growth potential and aims to support companies in achieving their strategic goals.
- Investment Focus Areas: Private equity, healthcare, financial services, consumer goods
- Notable Investments: Multiple sectors including healthcare, financial services, and consumer goods
- Apis Partners
- Details: Apis Partners is a private equity asset manager that provides growth equity investments in financial services and related sectors. The firm focuses on supporting companies that drive financial inclusion and innovation.
- Investment Focus Areas: Financial services, financial technology
- Notable Investments: Financial technology and services companies
- 360 ONE Asset
- Details: 360 ONE Asset is an asset management and investment advisory firm. The company manages a diverse portfolio across various sectors and aims to deliver long-term value to its clients.
- Investment Focus Areas: Asset management, diverse sectors
- Notable Investments: Diverse portfolio across various sectors
- Lok Capital
- Details: Lok Capital is an impact investment firm that focuses on financial inclusion, healthcare, and agriculture. The firm aims to support companies that promote social impact and financial inclusion.
- Investment Focus Areas: Financial inclusion, healthcare, agriculture
- Notable Investments: Companies promoting social impact and financial inclusion
What's Next for RenewBuy?
RenewBuy is poised for significant growth, leveraging its partnership with Dai-ichi Life Holdings to expand into Asian markets. With over 100,000 advisors and 5 million insured customers, the company aims to penetrate beyond the top 30 cities in India, tapping into underpenetrated markets. This expansion is expected to drive exponential growth over the next two decades.
The ongoing Series D round, attracting interest from marquee investors, indicates strong future fundraising potential. The company is also preparing for an IPO by the end of 2023, which could further bolster its financial position. These efforts will support RenewBuy's goal of enhancing its technology platform and expanding its product offerings.
However, challenges remain. RenewBuy must manage increasing financial losses and ensure seamless technology integration across various sectors. Competition from traditional insurers and the need to maintain growth momentum are additional hurdles. Despite these challenges, the company's strategic initiatives and market opportunities position it well for future success.
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