Amicus invests $9.3m in India's RenewBuy

This is RenewBuy’s second round of institutional funding, according to a report in The Economic Times linked from the company’s website. Singapore-based Mount Nathan Advisors led the $2.5 million Series A round last year. The company will use the new capital to expand its range of insurance product offerings and to grow its market share.

Founded in 2014 by former executives from MetLife, Infosys and ICICI Lombard, RenewBuy provides an online platform for comparing quotes from competing insurance providers. Currently, the company focuses on automotive and motorbike coverage, but it plans to add health and life products as well. It claims that more than 7,000 insurance agents use the platform, with an annualized INR1 billion of insurance premiums processed since launch.

RenewBuy faces significant competition in India’s online insurance broker space. Rivals include Policybazaar, which recently raised INR5 billion from a group of investors including True North and IDG Venture Partners, along with SAIF India and Accel Partners-backed Acko General Insurance and Coverfox.

Amicus was founded in 2015 by former executives from The Carlyle Group and India Value Fund Advisors, now called True North. The firm is currently raising its first fund, which reached a first close of $90 million last year and is targeting $200 million in total. It will provide growth capital to companies in the healthcare, technology and business services, financial services, consumer, and leisure industries, committing INR500 million to INR1.5 billion per deal.

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