Gurgaon-based insurance broking platform RenewBuy has secured $10 million (₹86 crore) in fresh capital from its existing backers, Apis Partners and 360 One, as the company gears up for a potential merger with arch-rival InsuranceDekho.
According to reports by The Economic Times, the infusion is intended to fuel business continuity and expansion during the interim period, as the merger awaits regulatory clearance from the Insurance Regulatory and Development Authority of India (IRDAI).
“This funding will help in business development till the time the merger gets closed,” one person familiar with the development was quoted as saying.
Bridging to the Next Chapter
The latest funding round comes at a strategic moment for RenewBuy, as it navigates one of the most significant consolidation efforts in India’s burgeoning insurance aggregation sector.
The company’s network-driven model—leveraging a vast base of Point-of-Sale Persons (PoSPs)—enables the distribution of motor, health, and life insurance across urban and semi-urban markets. The new funds will support its ongoing operations, agent network expansion, and customer acquisition until the merger is finalized.
Merger in the Making
The proposed merger with InsuranceDekho, which is backed by CarDekho parent GirnarSoft, was first reported in October 2024. Once approved, the combined entity is expected to become one of India’s largest digital insurance platforms, with a potential valuation between $300–$350 million.
Regulatory approval from IRDAI remains the final hurdle, but if cleared, the deal will likely reshape the dynamics of India’s insure-tech ecosystem, bringing together two tech-led platforms that blend physical agent distribution with digital policy fulfillment.
Improved Financial Performance
Founded in 2014, RenewBuy has so far raised a total of $141 million from global investors including Apis Partners, Lok Capital, Dai-ichi Life Holdings, and others. The company was last valued at $324 million following its Series D round in June 2023 led by Dai-ichi.
The startup has demonstrated strong financial momentum in the run-up to the merger:
- FY24 Revenue: ₹410 crore (up from ₹287 crore in FY23)
- FY24 Net Losses: ₹114 crore (down from ₹197 crore in FY23)
The improved numbers suggest tightened operational discipline, positioning the company well for its next phase, whether as a standalone entity or as part of a larger merged platform.
Conclusion
RenewBuy’s latest capital raise underlines both investor confidence and the strategic urgency behind its pending merger with InsuranceDekho. As the regulatory nod nears, the move signals not just financial continuity but also RenewBuy’s ambition to stay competitive—and relevant—in a rapidly consolidating insure-tech market.
