This is the second round of fundraising completed by the Gurgaon-based D2C Consulting, which owns and operates RenewBuy.

The company had earlier received about $2.5 million in its Series A, which was led by Singapore-based Mount Nathan Advisors, and an undisclosed number of high net worth individuals.

“We are highly impressed with RenewBuy’s differentiated and capital efficient approach to finding a unique digital solution for insurance distribution. We are delighted to make a significant investment into RenewBuy, which is poised for exponential growth,” Mahesh Parasuraman, co-founder and partner at Amicus Capital, said in a statement. Zanskar Advisors acted as the financial advisor to the transaction, which closed last week.

This is the first investment to be publicly disclosed by Amicus Capital, the growth-stage investment firm founded by Parasuraman and Sunil Theckath Vasudevan, former partner at private equity firm, India Value Fund Advisors, in 2015

The fund, which has reportedly raised about $86 million of its $200 million target corpus, is anticipated to announce its final close by the end of the current year, and will target investment opportunities across financial services, consumer, healthcare, and technology sectors.

Amicus, which will look to invest between $8 million and $20 million in ventures, will also consider picking up controlling stakes in ventures.

Founded by Balachander Sekhar and Indraneel Chatterjee, both of whom were with insurance major MetLife, RenewBuy competes with the likes of market leader PolicyBazaar, Coverfox and EasyPolicy, all of which have raised substantial amounts of risk capital investments over the last 12 months.

Earlier this month, ET was the first to report that PolicyBazaar had closed a Rs 500 crore funding round, led by global asset management firm Wellington Management, and which valued the company at about $500 million.

RenewBuy has exceeded annualised insurance premiums of over Rs 100 crore, and claims to have more than 7,000 insurance agents using its platform, according to Sekhar, chief executive of the two-year-old company.

“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,” Sekhar told ET.

The company, which currently focuses on selling motor insurance, is now branching out into health, accident and life insurance.

“RenewBuy’s unique digital agent model has delivered a sharp month-on-month growth in the last two years to become one of the leading digital insurance aggregators,” Sekhar said.