Key Highlights
- Renewbuy raises $10 million (₹86 cr) from existing investors Apis Partners and 360 One for growth.
- Funds will support business development ahead of planned merger with InsuranceDekho, creating billion-dollar broking entity.
Renewbuy, an insurtech firm, has reportedly raised $10 million (roughly Rs 86 crore) in new funding from its existing investors, London-based Apis Partners and 360 One (formerly IIFL Wealth).
The funds will reportedly be used to finance Renewbuy's operations and growth until the merger is finalized.
The funding round coincides with the company's impending merger with competitor InsuranceDekho. First announced in October 2024, the proposed deal is anticipated to establish a billion-dollar company in India's insurance broking market and value Renewbuy between $300 and 350 million.
The Insurance Regulatory and Development Authority of India (IRDAI) has yet to approve the merger.
RenewBuy has raised Rs 45 crore ($5 million) in new funding from Apis and individual investors like Gaurav Deepak, Gauri Taneja, Sanjay Kaul, and Derrik Roshan D'Souza, according to the company's regulatory filings with the Registrar of Companies.
Also Read: IRDAI Releases Updated Surrender Value Guidelines: What does it signify for people who already have life insurance policies?
Renewbuy was established in 2014 and uses a network of point-of-sale agents to help sell health, life, and auto insurance policies. The Japanese insurance behemoth Dai-ichi Life Holdings Inc. contributed $40 million to the Gurugram-based company's Series D funding round earlier in July 2023.
Revenue for FY24 was Rs 410 crore, up from Rs 287 crore for FY23, according to Renewbuy. The company's losses decreased from Rs 197 crore to Rs 114 crore during that time.
