D2C Consulting Services Pvt. Ltd, which operates online insurance aggregator RenewBuy, has raised an equity fundraising of $9.2 million from Amicus Capital, a mid-market growth capital fund.
The capital will be used for expansion of the company to newer geographic locations and addition of new segments like healthcare, accident and term life.
Started in 2014, in Gurgaon by former MetLife senior executives, RenewBuy provides real-time quotes from various motor insurance plans.
“Given the size of the 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 Balachander Sekhar, co-founder, and CEO of RenewBuy.com.
The company competes with players such as PolicyX, CoverFox, PolicyBazaar and other insurance companies which run their own portals.
“We are delighted to make a significant investment into RenewBuy which is poised for exponential growth. With a strong and experienced management team, Amicus Capital is committed to catalyzing RenewBuy’s transition into a highly successful online insurance platform in the next few years,” said Mahesh Parasuraman, Partner, Amicus Capital.