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Time of India

Insurtech firm Renewbuy bags $10 million from Apis, 360 One

Insurance broking startup Renewbuy has secured $10 million (about Rs 86 crore) in a funding round from existing investors, London-based Apis Partners and 360 One (previously IIFL Wealth), according to people with knowledge of the matter. It comes at a time when the Gurgaon-based insurance startup is in the process of merging with rival insurance broker InsuranceDekho. 'These funds will help in business development till the time the merger gets closed,' said one of the persons, who did not wish to be identified. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Jämför elpriser (Billigast) Undo Renewbuy did not respond to queries from ET. ET had reported on October 28, 2024, that InsuranceDekho was looking to acquire Renewbuy, valuing the startup at around $300-350 million, thereby creating a billion dollar merged entity in the insurance broking segment. Live Events While the deal is in the works, it is yet to be approved by the Insurance Regulatory and Development Authority of India. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The company plans to use the funds to run the business and expand its operations in the interim period. Renewbuy, founded in 2014, has raised $141 million since inception from large investors such as Japanese insurance firm Dai-ichi Life Insurance, Apis Partners and Lok Capital. After the last equity funding in June 2023, the startup was valued at around $324 million, according to Tracxn. Renewbuy sells motor health and life insurance products through a network of physical agents — or point of sales persons, in industry parlance. For 2023-24, the company reported total revenue of Rs 410 crore and net loss of Rs 114 crore. The startup competes with three other major players in this segment — CarDekho-backed InsuranceDekho, Peak XV Partners-backed Turtlemint and PB Partners, a subsidiary of Policybazaar.