Gurgaon-based RenewBuy, an auto insurance startup, has raised $1 Mn in an angel round led by Mount Nathan Advisors Pte Ltd, a Singapore-based principal investment and advisory firm.
The funding will be used for business growth and building more innovative solutions on claims.
Mount Nathan is a Singapore-based principal investment and advisory firm with interest in Financial services business. They had earlier invested in Sanctum Wealth, which bought out the Wealth Management business of RBS in India.
RenewBuy offers comprehensive solutions for car and bike owners, while Mount Nathan has interest in financial services business. It had earlier invested in Sanctum Wealth, which bought out the Wealth Management business of RBS in India.
Mount Nathan, through its entity Havelock Road LLP, has increased its investment in RenewBuy to USD 1 million, the auto insurance start-up said in a statement.
“Our strong domain expertise, an energetic team and focus on the auto insurance vertical have led to rapid increase in business volumes in just eight months since launch. With an incredibly strong policy growth rate, we are poised to close more than Rs 100 million of premium in April-June 2016,” RenewBuy CEO Balachander SekhaR said.
“RenewBuy’s differentiated business model will continue to outperform the marketing spend-led, high-cost models prevalent in the industry today. Havelock Road will continue to support RenewBuy’s expansion in this high-growth, recession-proof industry,” Havelock Road LLP Managing Partner Manish Mahajan said.
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.