InsuranceDekho and RenewBuy have signed merger documents through a share swap deal, valuing the combined entity at ₹7,400 crore, according to sources familiar with the development. Leading private equity investors back both companies, which remain unlisted.
In October 2024, report reveals that the two companies were discussing a potential merger.
“InsuranceDekho, the insurance marketplace backed by CarDekho, is acquiring insurtech startup RenewBuy in a share-swap deal,” said a source.
All four founders from both companies are expected to continue leading the merged organisation. Ankit Agrawal, the founder of InsuranceDekho, is likely to assume the role of Chief Executive Officer.
As part of the merger agreement, the companies will allot shares in InsuranceDekho to RenewBuy’s investors based on the relative valuations of the two firms, according to sources familiar with the deal.
Once the merger receives regulatory approval, the combined entity will become one of the top three physical insurance distributors in India by annual premium. The merged company is expected to manage a premium book of ₹6,000 crore — five times larger than the standalone scale of each platform.
“In insurance distribution space, some players are pursuing inorganic growth to drive scale, unlock cost synergies, and strengthen market share,” said Sanjay Doshi, partner, KPMG.
The insurtech sector in India has experienced rapid expansion, with over 150 startups now active—among them, 10 unicorns and soonicorns, and more than 45 minicorns, according to a report by Boston Consulting Group. The industry’s revenue has grown 12 times over the past five years, reaching $750 million annually, and it now boasts a combined valuation of $13.6 billion.
Deal discussions value InsuranceDekho, a competitor of Policybazaar, at ₹5,400 crore, while valuing RenewBuy at ₹1,800 crore. Established in 2015, RenewBuy specializes in digital insurance distribution and has built a network of over 125,000 advisors spanning more than 1,500 towns across India.
The merger of InsuranceDekho and RenewBuy marks a significant milestone in India’s insurtech industry, creating a stronger, more competitive player with a combined valuation of ₹7,400 crore.
