A) Introduction

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.

B) Funding, Valuation & Merger Status

• 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)

C) Financials & Business Model

• 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

D) Competition & Capital History

• 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)

E) Strategic Significance

• 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.

F) What This Means for Investors

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

G) Final Outlook

• 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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