🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

InsuranceDekho and RenewBuy to take on PolicyBazaar with potential merger

EntrackrEntrackr · 8m ago
InsuranceDekho and RenewBuy to take on PolicyBazaar with potential merger
Medial

InsuranceDekho and RenewBuy, two major players in India's insurance market, are on the cusp of a merger. This strategic move aims to create a significant entity in the insurance aggregation space and take on industry leader PolicyBazaar directly. The combined entity is estimated to be valued at over Rs 8,000 crore ($950 million), with RenewBuy valued at around Rs 3,000 crore and InsuranceDekho at over Rs 5,000 crore. This merger is anticipated to establish the combined entity as the second-largest insurance aggregator in India, according to a report by Mint. The deal will involve a cash-and-stock transaction, with some early investors in RenewBuy potentially selling a portion of their stakes. The merged entity is expected to secure additional funding ahead of a potential initial public offering (IPO). The deal could also streamline the IPO path for CarDekho, which is targeting a public listing in the next fiscal year. Currently, CarDekho’s co-founder and CEO, Amit Jain, holds over a 70% stake in InsuranceDekho. According to sources, the group aims to offload more than a 20% stake in the Gurugram-based company before filing the Draft Red Herring Prospectus (DRHP). The combined entity aims to offer a broader product range, enhanced customer experience, and improved operational efficiency. The development comes soon after InsuranceDekho received the composite insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). The company also raised $60 million in a Series B funding round spearheaded by Mitsubishi UFJ Financial Group in October last year. While InsuranceDekho has yet to report FY24 results, the firm posted Rs 96.5 crore in revenue in FY23 as compared to Rs 47.9 crore in FY22. It also reduced losses by 28.6% to Rs 51.6 crore during FY23. Renewbuy, on the other side, scooped up $40 million in its ongoing Series D funding round in July last year. The nine-year-old company has not disclosed its financials for FY23 and FY24, it reported Rs 190.8 crore in revenue with Rs 98.9 crore loss in FY22.

Related News

Renewbuy raises $10 Mn from Apis Partners and 360 One: Report

EntrackrEntrackr · 26d ago
Renewbuy raises $10 Mn from Apis Partners and 360 One: Report
Medial

Renewbuy raises $10 Mn from Apis Partners and 360 One: Report Insurtech firm Renewbuy has reportedly raised $10 million (approximately Rs 86 crore) in fresh funding from its existing investors, London-based Apis Partners and 360 One (formerly IIFL Wealth). The proceeds will be used to support Renewbuy’s business operations and expansion until the merger is finalized. The round comes as the company continues to progress toward its planned merger with rival InsuranceDekho, which could value Renewbuy between $300–350 million and is expected to create a billion-dollar entity in India’s insurance broking space. The merger is currently pending approval from the Insurance Regulatory and Development Authority of India (IRDAI). According to information from RenewBuy’s regulatory filings with the Registrar of Companies, the company has raised Rs 45 crore ($5 million) in fresh funding from Apis and individual investors, including Gaurav Deepak, Gauri Taneja, Sanjay Kaul, and Derrik Roshan Dsouza. Founded in 2014, Renewbuy enables the sale of motor, health, and life insurance policies through a network of point-of-sale agents. In July 2023, the Gurugram-based company had secured $40 million in its Series D funding round from Japanese insurance major, Dai-ichi Life Holdings Inc. For FY24, Renewbuy reported revenue of Rs 410 crore against Rs 287 crore in FY23. During the period, the firm managed to control its losses to Rs 114 crore from Rs 197 crore.

InsuranceDekho revenue soars 7.7X in FY24, posts Rs 86 Cr profit

EntrackrEntrackr · 7m ago
InsuranceDekho revenue soars 7.7X in FY24, posts Rs 86 Cr profit
Medial

InsuranceDekho turned out a stellar financial performance in the last fiscal year, with revenue from operations spiking 7.7 times. At the same time, the company reported a profit of Rs 86 crore for the fiscal year ending March 2024, compared to a loss of Rs 51 crore in FY23. InsuranceDekho’s revenue from operations surged to Rs 743.6 crore in FY24 from Rs 96.5 crore in FY23, its standalone financial statement filed with the Registrar of Companies (RoC) shows. InsuranceDekho helps customers to compare and buy motor, health, travel and pet insurance. It also offers several investment plans including ULIP, child, fixed deposit, retirement plans among others. At Rs 726.61 crore, insurance brokerage was the largest revenue generator for the firm which accounted for 97.7% of the total operating revenue while ancillary services brought in Rs 17 crore. The Gurugram-based firm also made an additional Rs 41.3 crore from non operating sources, including software sales and interest income which pushed InsuranceDekho total income to Rs 785 crore in FY24. Looking at the expenses, point of sales charges was the major element, which formed 43% of the total expense. This cost surged by 36X to Rs 301 crore in FY24, from mere Rs 8.3 crore in FY23. Employee benefit expenses stood at Rs 130.26 crore, showing a 21.7% rise from Rs 107.05 crore in FY23. Manpower management was another expense that ballooned 53X to Rs 35 crore in FY24. Advertising, finance costs collectively formed Rs 98 crore. In the end, the CarDekho-incubated company’s total expenses increased by 4.6X to Rs 699.21 crore during the last fiscal year. With over 650% growth in scale, InsuranceDekho turned profitable in FY24. It posted a profit of Rs 85.71 crore in the last fiscal year from a loss of -51.59 crore in FY23. Its ROCE and EBITDA margin improved to 16.5% and 11.73%, respectively. On a unit basis, the company spent Re 0.94 to earn a rupee of operating revenue in FY24. InsuranceDekho reported a Cash and Bank Balance of Rs 37.7 crore and Current Asset of 795.32 crore in the fiscal year ending March 2024. In October 2023, the firm secured $60 million in a Series B funding round led by Mitsubishi UFJ Financial Group. It is reportedly in discussions to merge with Renewbuy—a strategic move intended to establish a major player in the insurance aggregation market and compete with industry leader PolicyBazaar. PB Fintech, the parent firm of Policybazaar closed FY24 with about Rs 3,500 crore, which places the Rs 750 odd crores of InsuranceDekho in context. A very positive context, we will add, considering the fact that Insurance Dekho has managed to turn up the numbers with profits to show as well. Something Policybazaar managed well after it crossed the Rs 2,000 crore mark. In a market that is evolving at a pace it has never seen before, the opportunities for InsuranceDekho remain immense, and another strong year in FY25 will open up the IPO route as well, in all probability, making it a formidable competitor in the market that increasingly looks like it will consolidate into a two or three horse race as far as aggregators go.

Beams Fintech Fund leads $70 Mn round in InsuranceDekho

EntrackrEntrackr · 4m ago
Beams Fintech Fund leads $70 Mn round in InsuranceDekho
Medial

Beams Fintech Fund leads $70 Mn round in InsuranceDekho Insurtech company InsuranceDekho has raised a $70 million funding round co-led by Beams Fintech Fund, Japan’s Mitsubishi UFJ Financial Group (MUFG), and insurer BNP Paribas Cardif through its insurtech fund managed by European investment major Eurazeo. Entrackr reported on the current round two months ago. In October 2023, the Gurugram-based firm secured $60 million in a Series B funding round led by Mitsubishi UFJ Financial Group. Founded in 2017 by Ankit Agrawal, InsuranceDekho enables customers to compare and purchase insurance policies, including motor, health, travel, and pet insurance. It also provides various investment plans such as ULIP, child plans, fixed deposits, and retirement plans. The company collaborates with most insurance providers and boasts direct integration with nearly 50 companies. Additionally, InsuranceDekho is in the process of merging with RenewBuy and is awaiting regulatory approvals. “This capital will enable us to expand our reach, enhance our tech-driven offerings, and solidify our position as India’s go-to insurance platform. With our continued focus on digital transformation and customer-centric solutions, we are well-positioned to drive the next wave of insurance adoption in India,” Agrawal said in a press release. To date, InsuranceDekho claims to have served over 10.2 million customers nationwide, with 21 new policies issued every minute on its platform. It has achieved a footprint across 99% of the country’s pin codes, supported by a network of 220 K partners offering over 720 insurance products across categories such as Motor, Health, Life, and Corporate Business. According to TheKredible, InsuranceDekho managed seven-fold growth in its revenue which surged to Rs 743.6 crore in FY24 from Rs 96.5 crore in FY23. Moreover, InsuranceDekho clocked a profit of Rs 85.71 crore in the last fiscal year. This is Beams Fintech Fund's second investment in 2025, following a Rs 200 crore investment in a pre-IPO opportunity with one of India's largest unlisted NBFCs specializing in used commercial vehicle finance. The company is set to go public in June 2025.

Download the medial app to read full posts, comements and news.