Online insurance platform for automobiles RenewBuy has raised Rs 60 crore from Bangalore-based mid-market growth capital fund Amicus Capital. The company will use the funding money to grow aggressively by expanding into new geographies, and adding new product segments like health, accident and term life, it said in a statement. Founded in July 2105, by Balachander Sekhar, Indraneel Chatterjee and Sandeep Nanda, RenewBuy claims to be a motor Insurance specialist company which aims to solve problem of vehicle insurance renewal via online platform. The company says on its website that their platform enables consumers to find lowest quotes from insurers and save up to 60% on their renewal premium. The company claims to have an insurance booking license from Insurance Regulatory and Development Authority and tie-ups with multiple insurers including HDFC ERGO, IFFCO Tokio, Bajaj Allianz, Bharti AXA, and Reliance General. The company claims to have exceeded INR 100 Cr of annualized insurance premium with 2,50,000 consumers since its launch. Earlier, RenewBuy had raised angel funding of Rs 3.3 crore in angel funding led from Mount Nathan Advisors in November 2015. Online insurance space for automobiles In April this year, CarDekho’s parent Girnar Soft received a licence from the Insurance Regulatory and Development Authority (IRDA) to launch an auto insurance vertical. The vertical named as ‘Girnar Insurance Brokers’ will provide insurance buying, locate cashless services garages, settle claims and offer documentation to car owners. Meanehile, Times Internet launched ETinsure.com , an online insurance platform, in February this year. The platform offers car and two-wheeler insurance from partner companies, along…
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