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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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Rupeek raises $15 Mn from Elevation; readies for secondary

EntrackrEntrackr · 1y ago
Rupeek raises $15 Mn from Elevation; readies for secondary
Medial

Online gold loan platform Rupeek has secured Rs 125 crore (approximately $15 million) in primary funding from Elevation Capital. This is the second tranche of the new round in which 360 One Large Fund had already put in $6 million during May. The board at Rupeek has passed a special resolution to issue 5,801 compulsory convertible preference shares at an issue price of Rs 2,15,467 each to raise Rs 125 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The Bengaluru-based firm appears to close this round at around Rs 250 crore, according to sources aware of the details of the funding. While Rupeek already raised Rs 175 crore ($21 million) from Elevation and 360 One Large Fund, the remaining Rs 75 crore ($9 million) is likely to come from Ranjan Pai’s investment office Claypond Capital, as per sources. “Sumit Maniyar along with employees and Rupeek’s early backer Bertelsmann may dilute around $8-10 million worth shares to Claypond Capital,” said one of the sources requesting anonymity. Queries sent to Maniyar didn’t elicit any response. The Binny Bansal-backed company has raised around $165 million to date. As per the startup data intelligence platform TheKredible, PeakXV was the largest external stakeholder followed by Accel and Bertelsmann as of the last tranche. 360 One Large Value Fund holds 2.44% of the firm before this tranche. Rupeek, which provides gold loans, has been struggling to scale and faced 60% erosion in its value. The company’s peak valuation stood at $634 million in January 2022 but its worth nosedived to $250 million in the ongoing round. Entrackr was first to report Rupeek’s down-round. The massive cut in valuation came on the back of Rupeek’s falling scale. Its revenue from operations declined 27.6% to Rs 89 crore in FY23 while the losses stood at Rs 281 crore in the same period. The company is yet to file its annual statements for FY24. The Sumit Maniyar-led firm directly competes with Oro Money, Ruptok, Yellow Metal, and to some extent with PayU-backed Indiagold.

ClickPost raises $6 Mn in Series A round

EntrackrEntrackr · 1y ago
ClickPost raises $6 Mn in Series A round
Medial

Shipping intelligence platform ClickPost has raised $6 million in its Series A round led by Inflexor Ventures Partners and Athera Venture Partners. The round also saw participation from Riverwalk Holdings and an existing investor Rebright Partners. Previously, the startup had raised an undisclosed amount in seed round in April 2020. The funding will be used for launching new AI-driven modules, global growth and hiring, the company said in a press release. Initially launched as a developer tool to help engineers integrate with courier APIs, ClickPost pivoted to provide a post-purchase experience platform for brands. Founded by Naman Vijay, ClickPost is an all-in-one logistics management platform that provides everything from accurate delivery dates in the pre-purchase journey to multi-carrier integration, tracking visibility, returns and exchange management, and omnichannel enablement. The firm said that it has helped large fashion retailers convert more than 35% of their returns to exchanges, and has helped others improve shipping NPS by upto 40%. The startup claims to have tracked more than 1 million shipments daily, and is aiming to grow 5x in the next 2 years. Over 300 eterprises across India, North America, APAC, and the Middle East use ClickPost.

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