Aiming to finance its future growth, web-based motor insurance platform ReNewBuy is in plans to raise $1.5 million from Singapore-based Mount Nathan in its next round of funding.
ReNewBuy is a platform with more than 7,000 car and bike insurance policies monthly. Earlier, ReNewBuy had raised USD 1 million from Mount Nathan through its investment entity Havelock Road LLP.
Balachander Sekhar, CEO, RenewBuy, said, “Being sharply focused on auto insurance has helped us solve issues related to the ecosystem and deliver superior consumer experience. This is reflected in the rapid growth of our business.”
Mount Nathan is an investment and advisory firm with an interest in the financial services business. Their earlier investments include Sanctum Wealth, which bought out the Wealth Management business of RBS in India.
Currently, the startup has tie-ups with insurers including Bajaj Allianz, HDFC ERGO, Bharti AXA, Reliance General, and IFFCO Tokio.
It also claims to have sold over 500 policies last month and plans to boost the number to 3,000 by the end of this financial year. It charges 20 percent commission on each policy.
ReNewBuy is run by Delhi-based D2C Consulting Services Pvt Ltd. offers comprehensive solutions for car and bike owners – lowest quotes from leading insurance companies, instant policy in less than 2 minutes, free reminder service, digital locker for all documents, servicing and claim assistance.