RenewBuy Secures $10 Million Funding as Merger with InsuranceDekho Awaits Approval Insurance broking startup RenewBuy has successfully raised $10 million (approximately Rs 86 crore) in fresh funding from
Insurance broking startup RenewBuy has successfully raised $10 million (approximately Rs 86 crore) in fresh funding from its existing investors Apis Partners and 360 One. The Gurgaon-based startup plans to use this capital boost to drive business growth while it navigates a pending merger with its chief rival, InsuranceDekho.
According to The Economic Times, this latest round of funding is crucial for RenewBuy’s business development during this transitional phase. The funds will ensure ongoing operations and help expand its reach until the merger receives regulatory clearance from the Insurance Regulatory and Development Authority of India (IRDAI).
Founded in 2014, RenewBuy operates as a technology-enabled platform that facilitates the sale of motor, health, and life insurance policies through a wide network of physical agents, often called point-of-sale persons. This hybrid model of digital and offline distribution helps RenewBuy serve a diverse and growing customer base.
To date, the company has raised approximately $141 million from prominent investors including Dai-ichi Life Holdings, Lok Capital, and Apis Partners. After its Series D round in June 2023 led by Dai-ichi, RenewBuy was valued at around $324 million.
For the financial year ending March 2024, RenewBuy reported a significant revenue jump to Rs 410 crore from Rs 287 crore in the previous year. Meanwhile, losses narrowed sharply to Rs 114 crore from Rs 197 crore, reflecting improved operational efficiencies ahead of the merger.
RenewBuy’s proposed merger with InsuranceDekho — a major player backed by CarDekho — could create one of India’s largest insurance aggregation platforms. If approved, the combined entity could be valued between $300 million and $350 million, making it a dominant force in the sector.
This merger aims to consolidate market share, improve customer offerings, and leverage technology to drive scale and profitability.
With fresh funding secured and a potentially game-changing merger on the horizon, RenewBuy is well-positioned to lead the insurance broking market in India. Investors and industry watchers will be keenly watching the outcome of the IRDAI’s decision and the company’s next growth steps.
