Delhi based Insurtech startup RenewBuy, has secured Rs 68 crore from InnoVen Capital and Strides Ventures. These investment is coming in form of debt and equity. The latest round marks RenewBuy’s first financing round for the year. Before this funding RenewBuy went through a 15 months funding hiatus. The Gurugram-based startup closed its last funding round; a $55 million Series C in August, 2021.
In the funding round InnoVen and Stride individually invested Rs 34 crore each. Information sourced RenewBuy’s regulatory filing at the Registrar of Companies RoC reveals that the RenewBuy board passed a special resolution issuing 6,000 Non-convertible debentures (NCB) at Rs 1,00,000 each, and 11,910 Compulsory Convertible Preference Shares (CCPS) issued at Rs 6,733 per share, collectively generating Rs 68 crore.
D2C Insurance Broking, a subsidiary of RenewBuy helps retail customers to purchase insurance products such as motor, life and health insurance. As at November 2021, the firm had successfully onboarded almost 50,000 point of sale PoS partners and has insured more than 25 lakh customers covering 650 cities and towns according to a statement released by RenewBuy.
In early 2022, Artivatic.AI was acquired by RenewBuy to tackle claim settlement issues better. RenewBuy was founded by Balachander Sekhar and Indraneel Chatterjee (Chief Operating Officer) in 2015. The firm is currently concerned with touching profitability at the PAP level by 2023 and also intends to have an Initial Public Offering (IPO) by the end of 2023.
As originally reported in (https://entrackr.com/2022/11/exclusive-innoven-and-stride-invest-in-renewbuy/)
