Insurtech firm RenewBuy raised ₹86 crore in a funding round led which was led the existing investors, London-based Apis Partners and 360 One (formerly IIFL Wealth).
This freshly raised capital will be used to support the startup’s core operations and growth efforts. The startup aims to fulfil the vision of “Deliver Superior Customer Experience through an Empowered Distribution across the Insurance Value Chain”.
The company awaits for the approval of its upcoming merger with rival InsuranceDekho. The deal is currently under the review by the Insurance Regulatory and Development Authority of India. The deal is expected to create a combined entity that is valued at up to $300-350 million, creating an insurance broking powerhouse in the competitive market of India. Till date, RenewBuy has raised $141 million from investors like Dai-ichi Life Insurance (Japan), Apis Partners, and Lok Capital.
RenewBuy was founded by Balachander Sekhar, Indraneel Chatterjee, and Devesh Joshi. The company has created a strong network presence of 1,25,000+ advisors across over 1,500 Indian cities.
The latest funding round will help RenewBuy to accelerate its platform scaling and enhance product offerings, which will reshape India’s insurance-technology ecosystem.
