Gurugram-based online insurance aggregator RenewBuy has $9.2 million (roughly Rs. 60 crores) in its second round of funding led by growth stage investment firm Amicus Capital. The web-based motor insurance platform had earlier raised $2.5 million in a Series-A funding from Singapore-based Mount Nathan Advisors.
The is the maiden deal of Amicus Capital out of $86 million first close corpus of the fund. Amicus Capital was co-launched by former Carlyle Group managing director Mahesh Parasuraman. It has a target corpus of $200 million and the private equity fund is going to make its final close by the end of 2017.
RenewBuy offers panoptic solutions for car and bike owners including instant policy, digital lockers for keeping documents safe, free reminder service and servicing and claim assistance. The recently acquired financing will be used by the company to expand its geographical boundaries and add health, accident and term life to its existing product line.
RenewBuy, owned by D2C consulting service is led by Balachander Sekhar, Indraneel Chatterjee, Devesh Joshi and Sandeep Nanda, became operational in August 2015. RenewBuy’s current focus is on selling motor insurance. However, recently, it has changed its cynosure to health, accident and life insurance sectors. Over 7,000 insurance agents use their platform. The company has tie-ups with popular insurance provider companies like Bharti Axa, Iffco-Tokio, HDFC Ergo and Bajaj Allianz. Reliance General Insurance and Tata AIG.
Just a few days ago, RenewBuy’s bigger rival, PolicyBazaar raised $77 million in a funding round led by Wellington Management Firm. In June, online insurance brokerage firm, Coverfox raised $15 million from US insurer Transamerica, along with the participation of existing investors. In May, Acko General Insurance raised $30 million is a seed funding round from Narayan Murthy’s Catamaran Ventures; Venk Krishnan and Subba Rao of NuVentures; Kris Gopalakrishnan; Hemendra Kothari of DSP Blackrock and Atul Nishar – founder & Chairman of Hexaware Technologies.