Insurtech platform Renewbuy has raised $10 million (approximately ₹86 crore) in fresh funding from its existing investors, Apis Partners, a London-based private equity firm, and 360 One (formerly known as IIFL Wealth).
Funding to Support Business Operations and Growth
According to an Economic Times report, the newly raised capital will be utilized to support Renewbuy’s ongoing business operations and expansion initiatives until its proposed merger with InsuranceDekho is finalized. This strategic merger is expected to create one of India’s largest insurance broking entities.
Billion-Dollar Merger in Progress
The merger, first reported in October 2024, is anticipated to value Renewbuy between $300–350 million, potentially building a billion-dollar company in India’s fast-growing insurtech space. The deal is currently under review by the Insurance Regulatory and Development Authority of India (IRDAI).
Fresh Investment Details
Regulatory filings with the Registrar of Companies reveal that Renewbuy has raised ₹45 crore ($5 million) from Apis Partners and a group of individual investors, including Gaurav Deepak, Gauri Taneja, Sanjay Kaul, and Derrik Roshan Dsouza.
Company Growth and Financial Performance
Founded in 2014, Gurugram-based Renewbuy has built a strong distribution network, enabling the sale of motor, health, and life insurance policies through its extensive point-of-sale agent ecosystem.
In July 2023, Renewbuy had also secured $40 million in Series D funding from Japanese insurance giant Dai-ichi Life Holdings Inc., further strengthening its market position.
Financial Highlights
For the financial year FY24, Renewbuy reported revenue of ₹410 crore, showing significant growth compared to ₹287 crore in FY23. The company also reduced its losses to ₹114 crore, down from ₹197 crore in the previous fiscal year, indicating better financial management and operational efficiency.
No Official Comment
As of now, Renewbuy has not provided an official response to media queries regarding the recent funding or merger developments.