RenewBuy Secures USD 10 Mn in Fresh Funding
The funds will be used to support ongoing business operations and expansion efforts as the company moves closer to its proposed merger with rival InsuranceDekho.
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Insurtech firm RenewBuy has raised USD 10 million (approximately INR 86 crore) in fresh funding from its existing backers, Apis Partners and 360 One (formerly IIFL Wealth).
The funds will be used to support ongoing business operations and expansion efforts as the company moves closer to its proposed merger with rival InsuranceDekho.
The merger, first reported in October 2024, is expected to value RenewBuy at USD 300–350 million, potentially creating a billion-dollar insurance broking entity in India. The deal is currently pending approval from the Insurance Regulatory and Development Authority of India (IRDAI).
According to filings with the Registrar of Companies, the recent capital infusion includes INR 45 crore (USD 5 million) from Apis and individual investors such as Gaurav Deepak, Gauri Taneja, Sanjay Kaul, and Derrik Roshan Dsouza.
Founded in 2014, Gurugram-based RenewBuy offers motor, health, and life insurance products through a widespread point-of-sale agent network. In July 2023, it had secured USD 40 million in Series D funding from Dai-ichi Life Holdings Inc.
Financially, RenewBuy posted revenues of INR 410 crore in FY24, up from INR 287 crore in FY23, while reducing its net losses to INR 114 crore from INR 197 crore in the previous fiscal. The fresh funding is expected to bolster its growth as it prepares for one of the biggest mergers in the sector.
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