[Funding alert] Insurance broker SecureNow raises $6M in Series B round
, an insurance broker, has raised $6 million in a Series B round.
The round saw participation from Apis Insurtech Fund I, managed by Apis Partners LLP, and Charan Singh, founder of SelectQuote Inc.
The insurance domain expertise and investment of the two investors would help SecureNow Insurence Broker Pvt Ltd to further develop its platform further to bundle value-added services for its clients, and increase client outreach.
Founded in 2011 by Kapil Mehta and Abhishek Bondia, SecureNow sells pure-risk, commercial insurances to small and medium enterprises using an end-to-end insurtech platform. It has a mobile app Notify and a Customer Relationship Management software system PAM to give insurance and to make the claims process efficient and hassle-free.
“With scale, we increase our ability to consolidate demand and deliver better value for our clients. There are over 60 million firms registered in the country, the majority of which are underinsured. So, we have some ground to cover,” said Kapil Mehta, Co-founder of SecureNow, in a release.
SecureNow, which serves 25,000 small businesses across 150 locations, is aiming to reach one million businesses within the next three years, the company said in a release. It is also on track to reach profitability in the financial year 2023.
The firm handles all the insurance requirements of the business, selling a full range of insurance products including group health insurance, property, marine, and liability covers. It also handles claims and insurance services on behalf of clients.
“We see a big opportunity in India to meet the needs of underserved businesses,” Udayan Goyal, Co-founder and Managing Partner, Apis Partners said. “Since there are so many different stakeholders in the insurance ecosystem, a successful venture must have deep insurance domain knowledge and know-how to leverage technology effectively. These are SecureNow’s strengths. They have a strong track record and are well placed to rapidly scale up.”