Gurgaon-based insurance broking startup RenewBuy has raised $10 million (approximately ₹86 crore) in a fresh funding round from its existing investors, London-based Apis Partners and 360 One (formerly IIFL Wealth), according to sources familiar with the development.
The funding comes as RenewBuy moves forward with its planned merger with rival insurance broker InsuranceDekho.
“These funds will help in business development till the time the merger gets closed,” said one of the persons, who did not wish to be identified.
InsuranceDekho is in advanced discussions to acquire RenewBuy, valuing the insurtech startup between $300–350 million. The proposed merger aims to create a billion-dollar entity in the insurance broking space. However, the deal is still pending regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI).
In the meantime, RenewBuy plans to utilize the newly raised $10 million to support ongoing operations and expand its footprint.
Founded in 2014, RenewBuy has secured a total of $141 million in funding from prominent investors, including Japanese insurer Dai-ichi Life Insurance, Apis Partners, and Lok Capital. Tracxn reported that investors valued the company at approximately $324 million following its equity round in June 2023.
RenewBuy distributes motor, health, and life insurance products through a widespread network of physical agents, commonly referred to in the industry as point-of-sale persons (PoSPs). For the financial year 2023–24, the company reported total revenue of ₹410 crore alongside a net loss of ₹114 crore.
In the competitive insurance broking space, the startup faces stiff competition from key players such as InsuranceDekho (backed by CarDekho), Turtlemint (backed by Peak XV Partners), and PB Partners, a subsidiary of Policybazaar.
