India-based digital insurance start-up RenewBuy has secured INR1.3bn ($18.85m) in a Series B funding round led by impact venture capital firm Lok Capital and IIFL Asset Management.

The company’s existing investor Amicus Capital also participated in the latest funding round.

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RenewBuy, which is managed by D2C Insurance Broking, raised INR600m ($8.7m) in the Series A round in 2017. The round was led by Amicus Capital, an investment firm co-founded by former Carlyle Group managing director Mahesh Parasuraman.

RenewBuy CEO Balachander Sekhar told The Economic Times: “This new round of funding will enable us to continue our momentum as the fastest growing, full-service digital insurance platform in India… Our competitive advantage of being a capital-efficient business model will enable us to turn profitable within the next 24 months.”

The digital insurer intends to invest the proceeds to expand its footprint in 1,000 cities and modernise its product line up with a target to insure 10 million customers by 2022.

IIFL AMC senior managing partner Prashasta Seth told the publication: “By 2020, around 650 million Indians will be online, and every aspect of their life will be digital.

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“RenewBuy.com has created one of the most cost efficient, customer-centric models through its proprietary end-to-end digital insurance platform and has digitised the entire insurance value chain.”

RenewBuy, established in 2015, has signed up 25,000 point-of-sale (PoS) partners and insured more than one million customers across 450 cities.

Apart from motor insurance, the company provides health insurance, personal and accident insurance.