InnoVen and Stride invest in RenewBuy
Insurtech startup RenewBuy has raised Rs 68 crore in debt and equity from InnoVen Capital and Stride Ventures. This is the first financing round for the Delhi-based company this year.
The fresh funds have come after 15 months for the Gurugram-based company. It closed a $55 million Series C round in August last year.
The board at Renewbuy has passed a special resolution to issue 6,000 NCD (Non-convertible debentures) at an issue price of Rs 1,00,000 each and 11,910 CCPS at an issue price of Rs 6,733 per share to raise around Rs 68 crore, regulatory filing the Registrar of Companies show.
Stride and InnoVen pumped in Rs 34 crore each in the round.
RenewBuy, through its subsidiary D2C Insurance Broking., enables retail customers to buy motor, health, and life insurance products. In November 2021, RenewBuy said it onboarded close to 50,000 points of sale (PoS) partners and insured over 25 lakh customers across 650 cities and towns.
Earlier this year, RenewBuy acquired Artivatic.AI to improve claim settlement issues. Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, the firm aims to touch profitability at the PAT level in the next year and is also planning to go IPO by the end of 2023.
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