Digital insurance platform RenewBuy on Thursday said it has raised $10 million (Rs 74 crore) more Series C funding from new investor Evolvence India Fund.
With Evolvence India Fund joining RenewBuy's cap table, the startup closed its Series C funding round at $55 million. RenewBuy had said last month that the Series C funding was led by UK based asset manager Apis Partners LLP.
RenewBuy, operated by D2C Insurance Broking Pvt Ltd, is using the fresh capital to strengthen its tech and expand outside the domestic market.
The company, founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, originally focused on the motor insurance sector.
It has Rs 1,000 crore ($140 million) in annualised premium and more than 60% of its business comes from semi-urban and rural areas in India.
In the next five years, the company aims to reach 25 million customers through over 200,000 point of sale persons in India and beyond.
The firm had raised Series B funding of Rs 130 crore led by Lok Capital and IIFL in July 2019. Prior to this, the startup had raised $9.2 million (around Rs 60 crore) from Amicus Capital in 2017.
Insurance technology startups have attracted significant investor attention in India with the likes of Policybazaar having filed draft papers with the market regulator for an initial public offering.
Evolvence India Fund is sponsored by Dubai-based alternative investment firm Evolvence Capital and an affiliate of US-based New York Life Investment Management.
The fund had hit the road for its third India focused private equity fund of funds and co-investment platform in 2019, VCCircle had reported.
In the financial services space, the fund seeks to invest in microfinance, non-banking financial companies (NBFCs), commercial banks and wealth management firms, Ajit Kumar, managing partner of Evolvence India Fund, had said. The fund also expects to invest in “differentiated fintech” companies, he had added.