Gurgaon based insurance startup RenewBuy gets $9.2 mn from Amicus

RenewBuy, an online insurance aggregator based in Gurgaon on Monday announced an equity fundraising of about USD 9.2 million from mid-market growth fund Amicus Capital.

RenewBuy’s fundraiser comes days after its bigger rival PolicyBazaar raised Rs 500 crore from investors such as True North and IDG Ventures.

Started in 2014 by former MetLife senior executives, RenewBuy provides real-time quotes from various motor insurance plans.

“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, co-founder, and CEO of RenewBuy.com.

With the fresh money, the company now intends to grow aggressively by expanding into newer geographies and adding new product segments like health, accident and term life.

It is the first investment for Amicus Capital out of USD 86 million first close corpus of the fund.

Mahesh Parasuraman, Partner, Amicus Capital said, “We are delighted to make a significant investment into RenewBuy which is poised for exponential growth. With a strong and experienced management team, Amicus Capital is committed to catalyzing RenewBuy’s transition into a highly successful online insurance platform in the next few years.”

RenewBuy is an online insurance platform which provided multiple choice of insurers and instant policy issuance is used by more than 6,000 insurance PoS agents to service their customers.

The company competes with players such as PolicyX, CoverFox, PolicyBazaar and other insurance companies which run their own portals.