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Online car & motorbike insurance platform RenewBuy raises USD 9.2 M

Photo from Pixabay

Online car & motorbike insurance platform RenewBuy raises USD 9.2 M


Founders: Indraneel Chatterjee, Balachander Sekhar, Sandeep Nanda, Devesh Joshi, Harman Preet Singh

Founded in: 2016

Financing status: USD 9.2 million for undisclosed round in 2017

Gurgaon-based online car and motorbike insurance platform RenewBuy has raised USD 9.2 million from PE firm Amicus Capital Partners.

RenewBuy was founded in 2016 by Balachander Sekhar, Indraneel Chatterjee, Sandeep Nanda, Devesh Joshi, and Harman Preet Singh. Sekhar, Chatterjee, and Joshi all worked at MetLife previously, with Sekhar serving as the CMO. Chatterjee has prior experience in various specialties such as corporate affairs, product management, and organizational strategy. Joshi comes from a background in marketing while Nanda was a technology lead at Guavus, a big data company. Singh has more than 20 years of experience in retail sales.

RenewBuy is an online car and motorbike insurance comparison platform. RenewBuy designs a strong technology integration system with leading insurance suppliers. Its technology enables consumers to find the lowest quotes from leading insurers. After users fill in a few details, the startup’s backend searches and scans hundreds of policy types and prices from the best insurance suppliers. The startup claims to save up to 60% on its renewal premiums.

Sekhar, co-founder and CEO of RenewBuy, said that RenewBuy’s unique digital agent model has helped deliver a sharp month-on-month growth in the last two years, making RenewBuy one of the leading digital insurance aggregators.

The startup will use the newly-raised capital to expand its services to health, accident, and life insurance.

Other players in the online insurance sector in India include PolicyBazaar, ETInsure, Coverfox, and more.

(Top photo from Pixabay)

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