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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.

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.

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