Renewbuy Raises $ 10 Million in Funding Round
Insurtech company Renewbuy has allegedly secured $10 million (roughly Rs 86 crore) in new financing from its current investors, London-based Apis Partners and 360 One (formerly IIFL Wealth).
According to reports, the funds will be used to bolster Renewbuy’s business operations and growth until the merger is complete.
This funding round comes as the company moves forward with its anticipated merger with competitor InsuranceDekho.
The proposed acquisition, first mentioned in October 2024, could value Renewbuy between $300 and $350 million and aims to establish a billion-dollar firm in India's insurance broking market. Approval from the Insurance Regulatory and Development Authority of India (IRDAI) is still required for the merger.
Also Read: Top 7 Women Leading the Way for Clean Energy Transition
Information obtained from Renewbuy’s filings with the Registrar of Companies indicates that the company has received Rs 45 crore ($5 million) in new funding from Apis and individual investors such as Gaurav Deepak, Gauri Taneja, Sanjay Kaul, and Derrik Roshan Dsouza.
Established in 2014, Renewbuy facilitates the distribution of motor, health, and life insurance policies via a network of point-of-sale agents.
In July 2023, the Gurugram-based firm had previously raised $40 million in its Series D funding round from the Japanese insurance giant, Dai-ichi Life Holdings Inc.
Also Read: How Advantage Assam 2.0 is Paving the Way for Economic Flare
For the fiscal year 2024, Renewbuy reported revenues of Rs 410 crore, compared to Rs 287 crore in FY23. During this timeframe, the company successfully reduced its losses to Rs 114 crore from Rs 197 crore.