Online auto insurer RenewBuy raises nearly Rs 6.7 crore from Singapore's Mount Nathan

Online auto insurance platform RenewBuy on Friday said it has raised $1 million (nearly Rs 6.7 crore) from Singapore-based investment and advisory firm Mount Nathan.

The funding will be used for business growth and building more innovative solutions on claims.

Mount Nathan, through its entity Havelock Road LLP, has increased its investment in RenewBuy to $1 million (nearly Rs 6.7 crore), 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 offers comprehensive solutions for car and bike owners while Mount Nathan has an interest in the financial services business. It had earlier invested in Sanctum Wealth, which bought out the Wealth Management business of RBS in India.

"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.