The agent-led digital-driven insurtech company was founded in 2015 by Sekhar and Indraneel Chatterjee to bridge the demand-supply gap of insurance in the semi-urban and rural areas in India.
RenewBuy’s fundraiser comes days after its bigger rival PolicyBazaar raised Rs 500 crore from investors such as True North and IDG Ventures.
This specially designed insurance policy covers the 2-wheeler owners against potential risks of theft, accidental damage, third party liability and others from one to three years' period through a single policy document and provides host of benefits including no inspection even in case of lapsed policy.
ReNewBuy, a platform with more than 7,000 car and bike insurance policies monthly, is in talks with Singapore-based Mount Nathan.
Mount Nathan, through its entity Havelock Road LLP, has increased its investment in RenewBuy to USD 1 million, the auto insurance start-up said in a statement.