Gurugram-based insurtech player Renewbuy is gearing up for big changes — and it’s just received a fresh shot of capital to keep the engine running. The company has reportedly secured $10 million (approx. ₹86 crore) in new funding from its existing backers, Apis Partners and 360 One (formerly IIFL Wealth), as it inches closer to its much-anticipated merger with rival InsuranceDekho.
The funding, first reported by ET, is expected to support Renewbuy’s day-to-day operations and expansion initiatives while the merger process moves through regulatory checks.
Behind the scenes, the proposed merger — which came into public view in October 2024 — is being closely watched by industry insiders. If approved, the union could give rise to a billion-dollar powerhouse in India’s growing insurance broking landscape.
The deal is currently awaiting clearance from the Insurance Regulatory and Development Authority of India (IRDAI).
Digging into the numbers, regulatory filings with the Registrar of Companies (RoC) show that Rs 45 crore ($5 million) of this round came from Apis and a clutch of individual investors including Gaurav Deepak, Gauri Taneja, Sanjay Kaul, and Derrik Roshan Dsouza.
Founded in 2014, Renewbuy has carved out a niche by enabling motor, health, and life insurance sales through a growing network of point-of-sale agents. The company has steadily scaled its presence in the insurtech space, most recently raising $40 million in Series D funding from Japanese insurance giant Dai-ichi Life Holdings Inc. in July 2023.
Financially, the company appears to be tightening its belt. In FY24, Renewbuy reported revenue of ₹410 crore, up from ₹287 crore in the previous year. Losses narrowed significantly, from ₹197 crore in FY23 to ₹114 crore in FY24 — signaling a move toward greater fiscal discipline ahead of the merger.
While the company has not issued an official statement on the latest round or the merger timeline, the signs are clear: Renewbuy is doubling down — not just on survival, but on scale.
If all goes as planned, the Renewbuy–InsuranceDekho consolidation could mark one of the most significant shake-ups in India’s insurtech sector, laying the foundation for a digitally-driven insurance behemoth.
