RenewBuy executes second ESOP buyback worth ₹13.7 crore

RenewBuy, an insurtech company has executed its second employee stock ownership buyback plan worth ₹13.7 crore. 

The second employee stock ownership plan or ESOP was executed in the last 12 months and provided encashment to its employees who have been associated for three years and above, the company said in a release.

RenewBuy firmly believes that the wealth created over the years is the result of the dedication and contribution of the employees and thus their growth journey will always be in line with the growth of the company.

Balachander Sekhar, CEO RenewBuy said, “RenewBuy has created one the largest ESOP pools for its employees, in the InsurTech space. We have provided the ESOP buyback to employees in two tranches; to reinstate their sense of ownership and align their growth with RenewBuy’s growth. We would encourage our talent to participate in the long-term wealth creation, which is generated by the impact they create.”

The development comes soon after the closure of RenewBuy’s Series C round of funding, worth the $ 55 million in August 2021. The company has grown rapidly since its inception in 2015. RenewBuy has now become one of the fastest-growing InsurTech platforms in India.

“As we continue to accelerate our insurance outreach across geographies, we are doubling down on technology. We are at the forefront of innovations, and the next phase of RenewBuy’s technology disruption is to use our proprietary AI-driven algorithms. RenewBuy is focused on acquiring the best of tech talent in the industry, who will become a valuable part of RenewBuy’s growth journey in the longer run,” added Balachander Sekhar, CEO RenewBuy.

RenewBuy group, through its subsidiary D2C Insurance Broking Private Limited, enables retail customers to buy motor, health and life insurance products with a unique end-to-end digital experience. Users can select from a choice of insurers, compare prices and features and receive advice from trained, certified Point-of-sale person who educate and support retail customers during every step of their journey. The entire experience is natively digital and therefore paperless and contactless, with a policy issued instantly. 

The next five years will be a phase of exponential growth for the company, reaching 25 million customers through over 200,000 ESOPs buybackOSP advisors in India and beyond, as per the press release.