Gurgaon-based auto insurance aggregator RenewBuy has raised $9.2 Million from Bengaluru-based growth-stage PE firm, Amicus Capital Partners.
“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,” Mahesh Parasuraman, co-founder and partner at Amicus Capital, said in a statement.
RenewBuy has exceeded annualised insurance premiums of over Rs 100 crore, and claims to have more than 7,000 insurance agents using its platform, according to Sekhar, chief executive of the two-year-old company.
Founded by Balachander Sekhar and Indraneel Chatterjee, RenewBuy seeks to create disruptive consumer facing technologies to change the way Financial product categories are marketed. As a first step, the company has started the creation of a Car Insurance platform which is the largest and fastest growing insurance category.