Delhi-based D2C Consulting Services Pvt Ltd which owns and runs RenewBuy, an online platform for auto insurance, has raised Rs 3.3 crore ($500,000) in an angel round of funding led by Mount Nathan Advisors Pte Ltd, a Singapore-based principal investment and advisory firm.
The funds will be used to develop its product and upgrade its technology platform.
“RenewBuy is powered by its proprietary technology whose algorithm seeks lowest premiums across leading insurers and throws up customised results,” said Balachander Sekhar, co-founder of the firm.
American Express, launched the company in July along with Indraneel Chatterjee and Sandeep Nanda. Chatterjee, an alumnus of Symbiosis International University, has over a decade of experience in the insurance sector and has earlier worked with PNB Metlife and Reliance Retail. An alumnus of Guru Nanak Dev University, Nanda has worked with Guavus, Aricent Group and Infosys. The firm is also raising nearly $2 million capital from multiple investors, including Mount Nathan.
The company, which has tie-ups with multiple insurers—including HDFC ERGO, IFFCO Tokio, Bajaj Allianz, Bharti AXA, Reliance General and L&T Insurance—claims to have sold 500 policies last month and charge 20 per cent commission on every policy depending on the type and size of the insurance.
Mount Nathan, which was founded in 2010 by investment banking professionals Manish Mahajan and Nitin Nath, focuses on South Asian special situations and emerging regional financial enterprises.