ImpactAlpha, July 3 – Mumbai-based Lok Capital invests in companies delivering quality products and services to the low-income masses. Lok’s first foray into insurance is Gurgaon-based RenewBuy’s $19 million Series B round.
RenewBuy is targeting India’s growing insurance market, which is expected to nearly triple to $280 billion by 2020. The company’s online insurance platform launched in 2015 and now serves one million customers in 450 Indian cities and towns with auto, health and life policies. RenewBuy aims to reach 10 million customers in 1,000 locations by 2022.
Lok invested in Renewbuy alongside IIFL AMC and prior investor Amicus Capital.