Renewbuy Secures $10 Million Funding for Expansion

Renewbuy, a leading insurtech firm, has successfully raised $10 million (around Rs 86 crore) from its current investors, including London-based Apis Partners and 360 One, formerly known as IIFL Wealth.

Funding Purpose and Future Plans

As reported by ET, these funds will assist in advancing Renewbuy’s business operations and its ongoing expansion efforts until the anticipated merger is completely finalised.

Merger With InsuranceDekho

This funding round comes at a crucial time as Renewbuy moves forward with its proposed merger with competitor InsuranceDekho. The deal, initially reported in October 2024, is expected to value Renewbuy at an estimated $300–350 million, aiming to establish a billion-dollar entity within India’s insurance broking industry.

The merger is currently awaiting approval from the Insurance Regulatory and Development Authority of India (IRDAI).

Regulatory Filings and Previous Funding

According to data obtained from Renewbuy’s regulatory filings with the Registrar of Companies, the firm has previously secured Rs 45 crore ($5 million) from Apis and other individual investors, including Gaurav Deepak, Gauri Taneja, Sanjay Kaul, and Derrik Roshan Dsouza.

Renewbuy’s Background and Previous Investments

Established in 2014, Renewbuy offers a variety of motor, health, and life insurance policies through a network of point-of-sale agents. In July 2023, the Gurugram-based company raised $40 million in its Series D funding round from Dai-ichi Life Holdings Inc., a major Japanese insurance entity.

Financial Performance

For the financial year 2024, Renewbuy reported a revenue of Rs 410 crore, a significant increase from Rs 287 crore in financial year 2023. During this time, the firm successfully reduced its losses to Rs 114 crore, down from Rs 197 crore.