Private Equity Fund Investments
Digital insurance co RenewBuy raises $45-M from Apis Partners, Lok Capital, IIFL
Gurugram-based digital insurance platform RenewBuy has raised USD 45 million (about INR 330 crore) from Apis Partners, Lok Capital and IIFL Asset Management, marking its largest fundraise till date. Apis has invested about INR 290 crore in the company through primary and secondary share sales, while existing investors Lok Capital and IIFL Asset Management have invested INR 20 crore each as fresh equities. RenewBuy sells third-party motor, health and life insurance products, mostly in semi-urban and rural pockets, through its subsidiary D2C Insurance Broking. It plans to use the primary proceeds from its third round of equity raising to upgrade its technology capabilities to enable expanding its customer base 10 times to around 25 million over the next five years. (Rival Policybazaar currently has over 11 million customers.)
From the Venture Intelligence PE-VC Deal Database: Between Nov-15 and Jun-19, RenewBuy had raised over $27-M from Amicus Capital, IIFL VC, Lok Capital, Mount Nathan and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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