InsurTech firm RenewBuy raises US$ 45 million in Series C funding round

CHENNAI: Driven by strong and growing demand for insurance products InsurTech firm RenewBuy has raised US$ 45 million in a series C funding round.

This funding round has been led by an investment from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, a UK-based asset manager that supports growth stage financial services and financial technology businesses. Its existing investors, Lok Capital and IIFL Wealth also participated in the fundraise.

Started in 2015, the online insurance player has grown with Rs 1,000 crore in annualised premium. The company has doubled its monthly run rate and has been operationally profitable over the last four quarters.