Renewbuy Raises $10 Million from Apis Partners and 360 One
- ByStartupStory | June 20, 2025
Insurtech startup Renewbuy has raised $10 million (approx. ₹86 crore) in fresh funding from its existing investors, Apis Partners and 360 One (formerly IIFL Wealth), according to sources familiar with the matter. The infusion comes at a strategic moment, as the company moves closer to a potential merger with rival InsuranceDekho.
The funding is expected to support Renewbuy’s ongoing operations and business development during the interim period leading up to the formal merger, which is currently awaiting regulatory clearance. “These funds will help in business development till the time the merger gets closed,” a person aware of the development told ET on condition of anonymity.
While Renewbuy has yet to issue an official statement regarding the fundraise, the development highlights continued investor confidence even as industry consolidation picks up pace. The company last raised equity funding in June 2023, which pegged its valuation at $324 million, according to Tracxn.
As reported earlier, InsuranceDekho is in talks to acquire Renewbuy in a deal that could value the latter between $300-350 million, potentially creating a billion-dollar entity in India’s competitive insurance broking space. The deal, however, is pending approval from the Insurance Regulatory and Development Authority of India (IRDAI).
Founded in 2014, Renewbuy has raised $141 million to date from marquee investors, including Dai-ichi Life Insurance (Japan), Apis Partners, and Lok Capital. The startup operates on a hybrid model that leverages a robust network of physical agents (point of sales persons) to distribute motor, health, and life insurance products.
For the financial year 2023–24, Renewbuy posted ₹410 crore in revenue but reported a net loss of ₹114 crore, reflecting the high-cost structure typical of growing insurtech ventures. The firm is part of a dynamic and increasingly competitive sector, with major rivals such as InsuranceDekho (CarDekho Group), Turtlemint (backed by Peak XV Partners), and PB Partners (a Policybazaar subsidiary).
As the insurance distribution landscape matures, industry insiders expect further consolidation, and the Renewbuy–InsuranceDekho merger could serve as a blueprint for scale and synergy in India’s expanding digital insurance ecosystem.
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