Renewbuy, an insurtech company, announced that its current investors, 360 One (formerly IIFL Wealth) and London-based Apis Partners, have contributed $10 million (roughly Rs 86 crore) in new funding.
The money will be used to support Renewbuy’s operations and growth until the merger is completed, according to an ET report.
The funding round coincides with the business’s ongoing efforts to merge with competitor InsuranceDekho. First announced in October 2024, the proposed deal is anticipated to establish a billion-dollar organization in the insurance broking sector of India and could value Renewbuy between $300 and 350 million.
The Insurance Regulatory and Development Authority of India’s (IRDAI) approval of the merger is still pending.
RenewBuy has raised Rs 45 crore ($5 million) in new funding from Apis and individual investors, including Gaurav Deepak, Gauri Taneja, Sanjay Kaul, and Derrik Roshan Dsouza, according to data taken from the company’s regulatory filings with the Registrar of Companies.
Renewbuy was established in 2014 and uses a network of point-of-sale agents to facilitate the sale of health, life, and auto insurance policies. The Japanese insurance giant Dai-ichi Life Holdings Inc. contributed $40 million to the Gurugram-based company’s Series D funding round earlier in July 2023.
Renewbuy reported revenue of Rs 410 crore for FY24, up from Rs 287 crore for FY23. The company was able to reduce its losses from Rs 197 crore to Rs 114 crore during that time.
