<article>Online insurance aggregator <a href="http://dealstreetasia.com/tag/renewbuy" target="_blank" rel="noopener">RenewBuy</a> has raised Rs 60 crore ($9.2 million) from private equity firm <a href="http://dealstreetasia.com/tag/amicus-capital" target="_blank" rel="noopener">Amicus Capital</a>.</article>

Online insurance aggregator <a href="http://dealstreetasia.com/tag/renewbuy" target="_blank" rel="noopener">RenewBuy</a> has raised Rs 60 crore ($9.2 million) from private equity firm <a href="http://dealstreetasia.com/tag/amicus-capital" target="_blank" rel="noopener">Amicus Capital</a>.
Launched in 2015, RenewBuy had earlier raised $1 million from <a href="http://dealstreetasia.com/tag/mount-nathan" target="_blank" rel="noopener">Mount Nathan Advisors Pte Ltd</a>, a Singapore-based principal investment and advisory firm.
The latest transaction marks mid-market growth capital fund Amicus Capital&#8217;s first investment from its maiden fund, which announced its first close at $86 million in December last year.
The funding comes as another example of online insurance firms gaining traction among investors. Recently, online financial services portal <a href="http://dealstreetasia.com/tag/policybazaar" target="_blank" rel="noopener">Policybazaar</a>, run by EtechAces Marketing and Consulting Pvt. Ltd, raised around $75 million, at a valuation of $500 million.
In June, it was reported that Mumbai-based online insurance distribution platform <a href="http://dealstreetasia.com/tag/coverfox" target="_blank" rel="noopener">Coverfox </a>has raised $15 million in Series C funding led by US insurer <a href="http://dealstreetasia.com/tag/transamerica" target="_blank" rel="noopener">Transamerica</a>. And in perhaps one of the largest seed funding rounds in the country, <a href="http://dealstreetasia.com/tag/acko" target="_blank" rel="noopener">Acko General Insurance</a>, started by Coverfox co-founder Varun Dua, raised $30 million from venture capital firms like <a href="http://dealstreetasia.com/tag/accel-partners" target="_blank" rel="noopener">Accel Partners</a> and <a href="http://dealstreetasia.com/tag/saif-partners" target="_blank" rel="noopener">SAIF Partners</a> along with a clutch of angel investors.
Renewbuy was launched two years ago by industry veterans Balachander Sekhar and Indraneel Chatterjee, and currently aggregates motor insurance policy. The company now intends to grow aggressively by expanding into new geographies, and adding new product segments like health, accident and term life, it said in a statement.
The company claims to have provided insurance services to over 200,000 customers till date.
“Given size of 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 Sekhar, who is also the CEO, RenewBuy.com.
Zanskar Advisors was the investment banker for the transaction.
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Gurgaon-based online insurance aggregator RenewBuy has raised Rs 60 crore ($9.2 million) from private equity firm Amicus Capital.

India: Online insurance platform RenewBuy raises $9m from Amicus Capital

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India: Online insurance platform RenewBuy raises $9m from Amicus Capital

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