RenewBuy, an online portal which runs acts as an insurance aggregator, has raised ₹60 crore ($9.2 million) in a new funding round from Amicus Capital.
This investment also marks Amicus Capital’s first investment out of its maiden $86 million fund, which was closed in December last year. Commenting on the funding round, Mahesh Parasuraman, partner, Amicus Capital, said,
We are highly impressed with RenewBuy’s differentiated and capital-efficient approach to finding a unique digital solution for insurance distribution. With a strong and experienced management team, Amicus Capital is committed to catalysing RenewBuy’s transition into a highly successful online insurance platform over the next few years.
The company, which claims to have serviced over 200,000 customers, now intends to grow aggressively by expanding into new geographies. It also plans on adding new product categories such as health, accident and term life.
Balachander Sekhar, co-founder and CEO, RenewBuy.com, said,
RenewBuy’s unique digital agent model has delivered sharp month-on-month growth in the last two years to become one of the leading digital insurance aggregators. Given the size of market, we see huge scope for continued growth and it was important to partner with a strong institutional player like Amicus Capital who understands our category space and shares the same vision on how to grow the business.
In November 2015, the startup had raised ₹3.3 crore in an angel round led by Singapore-based principal investment and advisory firm Mount Nathan Advisors.
Launched in 2015, RenewBuy works on a point-of-sale partner model and primarily operates in the motor insurance sector. The startup was founded by Balachander Sekhar along with Indraneel Chatterjee and Sandeep Nanda. RenewBuy competes with the likes of Coverfox and Policybazaar, which raised around ₹500 crore in a Series-E round last week.