Latest news with #InsuranceDekho
Time of India
10 hours ago
- Business
- 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.
Yahoo
07-03-2025
- Business
- Yahoo
Indian insurtech start-up InsuranceDekho lands $70m investment
Indian insurtech start-up InsuranceDekho has secured $70m (Rs6.09bn) in a funding round to steer expansion. The capital injection will be used to bolster the company's technology-driven services, expand its market reach and solidify its position in the insurance sector. The funding round was jointly led by Japanese conglomerate Mitsubishi UFJ Financial Group (MUFG), insurer BNP Paribas Cardif and Beams Fintech Fund, a private equity fund, the Economic Times reported. All three of the investors were part of the company's Series B round in October 2023, which raised $60m. InsuranceDekho's founder and CEO Ankit Agrawal told the news publication that the company is currently in talks to raise an additional $15–20m, and anticipates the participation of a new external investor in this round. Agrawal added: 'The fact that in this market, we have been able to raise around Rs6bn, backed by existing investors at a slight premium to the last round, shows the validation people have in our business.' Since its inception in 2017, InsuranceDekho has utilised AI technology and an agent-led model to make insurance more accessible. In January 2023, the company garnered $150m in a mix of equity and debt from a financing round led by Goldman Sachs Asset Management and TVS Capital Funds. InsuranceDekho employs a point-of-sale person model, with a network of 220,000 partners offering more than 720 insurance products spanning motor, health, life, and corporate sectors. With a licence from the Insurance Regulatory and Development Authority of India to function as a direct insurance broker, InsuranceDekho has forged partnerships with 49 insurance providers. Looking ahead, Agrawal has set his sights on taking InsuranceDekho public within 15–18 months. Commenting on the investment, Beams Fintech Fund founder and partner Sagar Agarvwal said: 'We have been strong believers of InsuranceDekho's vision since our initial investment. Their phenomenal growth, robust distribution network and relentless focus on technology-driven accessibility make them a clear industry force.' In October last year, reports surfaced that InsuranceDekho is planning to acquire its competitor RenewBuy. "Indian insurtech start-up InsuranceDekho lands $70m investment" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
