Insurance platform increases funding

Web-based motor insurance platform ReNewBuy is planning to raise $1.5m from Singapore-based investment and advisory firm Mount Nathan in its next round of funding to finance its future growth.

ReNewBuy is a platform with more than 7,000 car and bike insurance policies monthly. It has previously raised $1m from Mount Nathan through its investment entity Havelock Road LLP.

Balachander Sekhar, CEO of ReNewBuy, said, ‘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.’

ReNewBuy is run by Delhi-based D2C Consulting Services.