02 Jul 2019
Investec India acts as the Exclusive Financial Advisor to RenewBuy
Investec India today announced that it acted as an exclusive financial advisor to RenewBuy on its $19mn Series B investment led by marquee Indian Financial Services Investors
Funding round led by Lok Capital, IIFL Wealth and Amicus Capital
Investec Capital Services (India) Ltd (“Investec India”) today announced that it acted as an exclusive financial advisor to RenewBuy on its Series B investment led by marquee Indian Financial Services Investors - Lok Capital & IIFL Wealth. Existing investor Amicus Capital also participated in the current round.
Investec India has built a strong advisory business over the last few years within the Indian VC ecosystem, having advised on over 15 deals in the last few years across sectors and stages.
Investec India has advised companies across a wide range of sectors on Equity Fund raises at Series B and above, including Licious, Tripoto, Kissht, Bizongo, Treebo Hotels, OfBusiness, BigBasket, Pepperfry and Quikr. The firm also advised on the sale of CitrusPay to Naspers– one of India’s largest Fin-Tech M&A, and on the sale of Sokrati to Dentsu – one of India’s largest Digital Media M&A.
Commenting on the announcement, Balachander Sekhar, CEO, RenewBuy.com said, “In a short span of time, we have disrupted the category by offering unprecedented value to the entire ecosystem. This new round of funding will enable us to continue our momentum as the fastest growing, full service digital insurance platform in India. It will also accelerate our entry into newer geographies and augment our product portfolio to meet India’s immense unmet insurance demand. Our competitive advantage of being a capital efficient business model will enable us to turn profitable within next 24 months while retaining our explosive growth”.
Frankie Brown of Investec India said: “The RenewBuy team with their range and depth of experience in the sector have been able to disrupt the traditional insurance market in India. We believe that investors analyse Fin-Tech companies very deeply basis their deep sector experience, especially in India given the tough execution challenges and complex regulatory backdrop. The investment by marquee Indian investors is a testimonial of their strong belief in RenewBuy. We are delighted to have advised the Company and brought on board two high-calibre investors.”
Vinit Barve of Investec India said: “RenewBuy is one of the fastest growing insurance player insurance players in India which has disrupted the insurance distribution space. The $19mn raised through this series will be used to expand to new cities and strengthen the technology platform with offerings across Motor, Health & Life Insurance. Investec India ran the entire process - building competitive interest from multiple international institutional investors.”
The Series B funding comes at a time of significant growth and diversification for RenewBuy.com. Its app-enabled platform creates a highly efficient and cost-effective journey for agents, insurers, and customers. Since its inception in 2015, it has become the fastest growing online insurance player with Rs. 500 Crores in annualised premium. With a network of over 25,000 Point of Sale (POS) partners on its platform, the company is currently present in over 450 cities. RenewBuy.com is on course to cover 1,000 new cities by 2022, by bringing on board more than 200,000 POS partners.
Notes to editors
About Investec India
Investec India is a leading specialist international financial services company supporting mid-market entrepreneurs, corporates and PE. We also provide exceptional equity analysis, ideas and execution services for investors interested in Indian equities.
RenewBuy.com is the fastest growing insurance platform in India. The company disrupted the motor insurance space by simplifying the way insurance is bought, sold, and serviced in India. Since its inception, the company has on-boarded more than 25,000 POS partners and insured more than one million customers across 450 cities. Using technology as an enabler, the company has created a differentiated consumer experience and service, as well as contributed towards geographical expansion of the insurance sector in India. Having established its leadership in motor insurance category, the company has now ventured into health insurance and life insurance. With the launch of TravAssured, a travel concierge service, the company is now offering travel insurance along with other essential travel products and services. With this, RenewBuy is now a full-service digital insurance platform.