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). 

As per an ET report, 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. The proposed deal, first reported in October 2024, 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 sourced 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. Earlier in July 2023, the Gurugram-based company had scooped up $40 million in its Series D funding round from Japanese insurance major, Dai-ichi Life Holdings Inc. 

Renewbuy did not respond to Entrackr's queries.

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.