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.
Co-founded by Indraneel Chatterjee, Balachander Sekhar and Devesh Joshi, RenewBuy, launched its operations in April this year. With its proprietary technology, the platform’s algorithm seeks the lowest premiums across leading insurers and provides customised results.
The startup also offers solutions for car and bike owners such as 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.
“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 Mn of premium in April-June ’16,” said Balachander Sekhar, CEO at RenewBuy.
RenewBuy will use the raised capital to develop its product & technology platform and test market various initiatives.
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.