SUMMARY
- Renewbuy raised $10 million from existing investors to support operations ahead of its InsuranceDekho merger.
- The proposed merger could create a billion-dollar entity in Indian insurance, valuing Renewbuy at $300–$350 million.
- Renewbuy’s FY24 revenue rose to ₹410 crore, while losses narrowed significantly from ₹197 crore to ₹114 crore.
Renewbuy, an insurtech company, has allegedly raised $10 million (approximately Rs 86 crore) in new capital from its existing backers, 360 One (previously IIFL Wealth) and Apis Partners, a London-based firm. Until the acquisition is completed, the money will be utilized to assist Renewbuy’s business operations and growth, according to an ET article.
The funding round occurs as the business moves closer to its intended merger with competitor InsuranceDekho. The proposed merger, initially announced in October 2024, is expected to establish a billion-dollar company in the Indian insurance brokerage sector and may value Renewbuy between $300 million and $ 350 million.
The Insurance Regulatory and Development Authority of India (IRDAI) has not yet approved the merger. RenewBuy has raised ₹45 crore ($5 million) in new capital from Apis and individual investors, including Gaurav Deepak, Gauri Taneja, Sanjay Kaul, and Derrik Roshan Dsouza, according to data taken from the company’s regulatory filings with the Registrar of Companies.
Renewbuy was established in 2014 and uses a network of point-of-sale agents to facilitate the selling of health, life, and auto insurance plans. The Japanese insurance giant Dai-ichi Life Holdings Inc. contributed $40 million to the Gurugram-based company’s Series D investment round earlier in July 2023.
Renewbuy reported revenue of Rs 410 crore for FY24, up from ₹287 crore for FY23. The company was able to reduce its losses from ₹197 crore to ₹114 crore during that time.
