RenewBuy, one of the growing web based auto insurance platforms in India, has disclosed that Mount Nathan, a Singapore based principal investment and advisory firm, through its investment entity Havelock Road LLP, has increased its investment in the company to $1 million.
Balachander Sekhar, CEO said – “Our Strong Domain expertise, an extremely high energy team and a razor-sharp focus on the auto insurance vertical has led to rapid increase in business volumes in just 8 months since launch. With an incredibly strong policy growth rate, we are poised to close more than INR 100 Million of premium in April-June ’16”
RenewBuy claims that it 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. Its upcoming Smartphone based App will further help RenewBuy’s services to reach out to more than 200 million Smartphone users across the country.
Commenting on the announcement, Manish Mahajan - Managing Partner, Havelock Road LLP said that“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”.
The funding will be used to continue to grow the business and build 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.