RenewBuy raises ₹86 Cr in fresh funding amid merger talks with InsuranceDekho

Insurance-tech startup RenewBuy has secured ₹86 crore in funding from existing investors Apis Partners (UK) and 360 ONE (formerly IIFL Wealth), as it navigates a strategic merger with competitor InsuranceDekho.

The capital will help RenewBuy sustain and grow operations through this transition phase.

FY24 Snapshot:

• Revenue: ₹410 Cr
• Net Loss: ₹114 Cr
• Total Capital Raised: $141M
• Investors: Dai-ichi Life Holdings, Inc. Apis Partners, Lok Capital

Founded in 2014 by Balachander Sekhar (CEO) and Balakrishnan Gollapalli , RenewBuy distributes motor, health, and life insurance through a network of 100K+ on ground PoSPs (Point of Sale Persons).

As India’s digital insurance sector heats up, consolidation might just be the name of the game.

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