Gurugram-headquartered auto insurance aggregator RenewBuy has raised $9.2 Mn (INR 60 Cr) from Bengaluru-based growth-stage PE firm, Amicus Capital Partners. The investment is part of Amicus Capital’s maiden private equity fund which made its first close at $200 Mn in December 2016.
As per reports, Zanskar Advisors served as the financial advisor for the transaction, which was finalised last week. With the newly-raised capital, RenewBuy is looking to expand its portfolio of services to include health, accident and life insurance.
Commenting on the development, Amicus Capital co-founder Mahesh Parasuraman stated, “We are highly impressed with RenewBuy’s differentiated and capital efficient approach to finding a unique digital solution for insurance distribution. We are delighted to make a significant investment into RenewBuy, which is poised for exponential growth.”
How RenewBuy Is Working To Simplify Auto Insurance
Owned and operated by D2C Consulting, RenewBuy is a motor insurance startup that was founded by Indraneel Chatterjee and Balachander Sekhar. The company launched its operations in April 2016. With its proprietary technology, the platform’s algorithm helps customers find the lowest quotes from insurance providers, thereby saving up to 60% on their renewal premium.
Additionally, the startup offers other solutions for car and bike owners such as instant policy in less than two minutes, free reminder service, digital locker for all documents, servicing, and claim assistance. It has tie-ups with insurers including Bajaj Allianz, HDFC ERGO, Bharti AXA, Reliance General and IFFCO Tokio, among others.
As claimed by Sekhar, RenewBuy has crossed the $15.4 Mn (INR 100 Cr) mark in terms of annualised insurance premiums. It currently boasts more than 7,000 insurance agents on its platform.