Digital insurance platform RenewBuy.com Tuesday said it has raised Rs 130 crore (USD 19 million) in a funding round led by Lok Capital and IIFL AMC.
RenewBuy's existing investor Amicus Capital also participated in the Series B round of funding.
The investment will enable the company to increase its footprint to 1,000 cities, augment product portfolio, and ensure 10 million customers by 2022, a company release said.
"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 the next 24 months while retaining our explosive growth," RenewBuy.com CEO Balachander Sekhar said.
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 2 lakh POS partners.
In 2017, the company had raised Rs 60 crore in Series A round of funding from Amicus Capital, a mid-market growth capital fund, which also participated in the current round.
Investec was the investment banker for the transaction.