ReNewBuy to raise $1.5 million, in talks with Mount Nathan

NEW DELHI: Web based motor insurance platform ReNewBuy plans to raise $1.5 million in its next round of funding to finance its future growth. ReNewBuy, a platform with more than 7,000 car and bike insurance policies monthly, is in talks with Singapore-based Mount Nathan.

Mount Nathan is an 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.

Earlier, ReNewBuy had raised $1 million from Mount Nathan through its investment entity Havelock Road LLP. "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," said Balachander Sekhar, ​ CEO, RenewBuy .

ReNewBuy 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.