In a strategic move signaling deep consolidation in India’s insurtech space, Renewbuy has raised $10 million (₹86 crore) in fresh funding from existing investors Apis Partners and 360 One (formerly IIFL Wealth). This bridge round comes at a critical juncture as the company prepares to merge with rival InsuranceDekho, a merger that could reshape the competitive landscape in India's insurance broking sector.
Amount Raised: $10 million (₹86 crore)
Investors: Apis Partners (UK), 360 One (IIFL Wealth)
Purpose: To support operations and expansion until the merger is finalized
Merger Partner: InsuranceDekho (CarDekho-backed)
First Reported: October 2024
IRDAI Approval: Pending
Valuation Estimate (Combined Entity): $1 billion
Renewbuy’s Last Valuation: $524 million (June 2023, per Tracxn)
Revenue (FY24): ₹410 crore
Net Loss (FY24): ₹114 crore
Business Model: Hybrid distribution with physical agent network
Products: Motor, Health, and Life Insurance
Target Markets: Strong presence in Tier II and Tier III cities
Competitors:
InsuranceDekho – CarDekho-backed, leading digital-first platform
PB Partners – Policybazaar's agent-led channel
Turtlemint – Backed by Peak XV (formerly Sequoia Capital)
Total Funds Raised: $41M+ since inception in 2014
Notable Backers: Apis Partners, 360 One, Dai-ichi Life (Japan)
Operational Continuity: The funding ensures that Renewbuy can continue scaling and servicing its network without disruptions while regulatory approvals are awaited.
Consolidation Trend: Signals a broader consolidation wave in Indian insurtech, as firms move from growth-at-all-costs to profitability and market share leadership.
Market Impact: The merged entity could emerge as India’s largest insurance broker, mounting serious competition for Policybazaar.
For unlisted market investors, this deal highlights:
Renewed investor faith in hybrid distribution models
M&A potential as a value unlock mechanism
Attractive pre-IPO bets in India’s booming insurtech market
IRDAI approval for the merger is expected in the coming quarters
Post-merger integration and potential IPO discussions may follow in 2026
Renewbuy’s $10M bridge round is more than just capital—it’s a vote of confidence in India’s evolving insurance distribution model. With the merger, the combined entity could pose a formidable challenge to incumbents and set the stage for India’s next insurtech giant.
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