Total amount raised
$132.7 Million
Latest funding date
07/01/2023
Location
RenewBuy has successfully raised funds over 10 rounds, with the latest investment coming from a Venture - Series Unknown round. The company is backed by notable investors, including 360 ONE Asset and Apis Partners.
Keep reading to explore the intricacies of RenewBuy's fundraising journey and the investors backing this innovative platform.
What Is RenewBuy?
RenewBuy is an InsurTech company based in Gurgaon, Haryana, India. It operates in the financial services and insurance industries, offering a variety of insurance policies and financial products through its online distribution platform.
Founded with the aim of simplifying the insurance purchase process, RenewBuy has grown to employ between 1001 and 5000 people. The company has a significant presence across India, serving over 55 lakh customers and working with more than 1.25 lakh advisors in over 1500 cities.
How Much Funding Has RenewBuy Raised?
- Angel Round
- Amount Raised: USD 500,000
- 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: USD 1,000,000
- 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: INR 60,00,00,000
- 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: INR 1,30,00,00,000
- 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: INR 3,32,00,00,000
- Date: June 2021
- Lead Investors: Apis Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand into new markets.
- Series C
- Amount Raised: INR 74,00,00,000
- Date: August 2021
- Lead Investors: Evolvence India Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and improve customer experience.
- Series D
- Amount Raised: INR 68,00,00,000
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion plans.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To cover operational expenses and specific projects.
- Series D
- Amount Raised: USD 40,000,000
- Date: July 2023
- Lead Investors: Dai-Ichi Life Holdings Inc ADR
- Valuation at Round: USD 364,000,000
- Motivation Behind the Round: To leverage technology for better pricing and expand into Asian markets.
- Series Unknown
- Amount Raised: USD 10,000,000
- Date: June 2025
- Lead Investors: 360 ONE Asset, Apis Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and technological advancements.
Total Amount Raised: USD 133,000,000. Current Valuation: USD 364,000,000.
Key Investors
- 360 ONE Asset
- Details: 360 ONE Asset is a prominent investment firm known for its strategic investments in high-growth companies. They have been a key investor in multiple funding rounds for RenewBuy.
- Investment Focus Areas: Financial services, technology, healthcare.
- Notable Investments: RenewBuy, PolicyBazaar, Zomato.
- Apis Partners
- Details: Apis Partners is a private equity asset manager that focuses on growth markets. They have led significant funding rounds for RenewBuy, including the Series C round.
- Investment Focus Areas: Financial services, technology, healthcare, education.
- Notable Investments: RenewBuy, Greenlight Planet, Star Health.
- Dai-ichi Life Holdings Inc.
- Details: Dai-ichi Life Holdings Inc. is a major Japanese insurance company. They led the Series D funding round for RenewBuy, investing $40 million.
- Investment Focus Areas: Insurance, technology-driven solutions, market expansion in Asia.
- Notable Investments: RenewBuy, Janashakti Insurance, Ocean Life Insurance.
- Stride Ventures
- Details: Stride Ventures is a venture debt firm that provides funding to high-growth companies. They participated in the debt financing round for RenewBuy in November 2022.
- Investment Focus Areas: Venture debt, growth-stage companies, technology.
- Notable Investments: RenewBuy, Sugar Cosmetics, Mamaearth.
- InnoVen Capital
- Details: InnoVen Capital is a leading venture debt provider in Asia. They also participated in the debt financing round for RenewBuy in November 2022.
- Investment Focus Areas: Venture debt, startups, growth-stage companies.
- Notable Investments: RenewBuy, Swiggy, Byju's.
What's Next for RenewBuy?
RenewBuy is poised to capitalize on significant growth opportunities, particularly in underpenetrated markets beyond India's top 30 cities. With 70% of its business already coming from these areas, the company plans to leverage its technology to expand further into tier-3 and smaller towns. Additionally, the partnership with Dai-ichi Life Holdings opens doors for expansion into other Asian markets, potentially increasing their customer base and market share.
Future fundraising looks promising as the ongoing Series D round has already attracted substantial interest from marquee investors. The company is also eyeing an IPO by the end of 2023, which could provide a significant influx of capital to support its ambitious growth plans. However, challenges such as managing high fixed costs and ensuring continuous innovation to stay ahead of competitors remain. RenewBuy must also address its increasing losses to achieve profitability before going public.
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