Insurance broking startup RenewBuy raises $10 million in funding: Report

Insurance broking startup RenewBuy has reportedly raised $10 million (or about Rs 86 crore) in fresh funding from existing investors Apis Partners and 360 One, as the Gurgaon-based startup navigates a pending merger with its chief rival, InsuranceDekho.

The infusion comes at a transitional moment for the startup. “These funds will help in business development till the time the merger gets closed,” The Economic Times reported, citing sources.

RenewBuy, which enables the sale of motor, health, and life insurance policies through a vast network of physical agents — known as point-of-sale persons — plans to deploy the funds to support its operations and expand business while awaiting regulatory approval.

The merger proposal, first reported in October 2024, is still awaiting clearance from the Insurance Regulatory and Development Authority of India (IRDAI).

Founded in 2014, RenewBuy has raised a total of about $141 million to date from investors such as Dai-ichi Life Holdings of Japan, Lok Capital, and Apis. The company was last valued at around $324 million after a Series D round in June 2023, led by Dai-ichi.

For the financial year ended March 2024, RenewBuy reported total revenue of Rs 410 crore, a significant increase from Rs 287 crore the previous year. Losses narrowed to Rs 114 crore in FY24 from Rs 197 crore in FY23, reflecting improved operational efficiencies ahead of the anticipated combination. If approved, the merger with InsuranceDekho — backed by CarDekho — could value RenewBuy between $300 million and $350 million, creating one of India’s most formidable entities in the insurance aggregation space.