Gurugram-headquartered RenewBuy has raised Rs 60 crores in its second round of funding by the growth-stage investment firm Amicus Capital.
The Web-based motor insurance platform had earlier received about $2.5 million in its Series-A round led by Singapore-based Mount Nathan Advisors.
“Given the size of the market, we see huge scope for continued growth and it was important to partner with a strong institutional partner like Amicus Capital who understands our category space and shares the same vision on how to grow the business,” said Balachander Sekhar CEO RenewBuy, reported ET.
ReNewBuy offers comprehensive solutions for car and bike owners – lowest quotes from leading insurance companies, instant policy in less than 2 minutes, free reminder service, digital locker for all documents, servicing and claim assistance.
Operated by D2C Consulting service, the portal became operational in August 2015, and it has four co-founders – Balachander Sekhar, Indraneel Chatterjee, Devesh Joshi and Sandeep Nanda, over two with decades of experience in the insurance sector.
RenewBuy currently focuses on selling motor insurance, is now branching out into health, accident and life insurance. It claims to have exceeded annualised insurance premiums of over Rs 100 crore, and have more than 7,000 insurance agents using its platform.
The company has tied-up with insurance providers such as Bharti Axa, Iffco-Tokio, HDFC Ergo and Bajaj Allianz. Reliance General Insurance and Tata AIG, to name a few.
The insurance firm competes with the likes of market leader PolicyBazaar, Coverfox, and EasyPolicy. Coverfox had raised $15 million (Approx Rs 96 crore ) led by US insurer Transamerica and its existing investors and Gurugram-based online insurance policy aggregator PolicyBazaar had closed its latest round of funding of Rs 500 crores led by Wellington Management, True North, and IDG Ventures India.