Insurance startup RenewBuy has raised about INR 86 crore (around $10 million) in new funding.
The money came from its existing investors, Apis Partners from the UK and 360 One (formerly known as IIFL Wealth), according to media reports.
This news comes while the Gurgaon-based insurance startup is currently merging with its competitor, InsuranceDekho.
The company will use the money to keep things running smoothly and grow the business while the merger is happening.
RenewBuy was started in 2014 and sells motor, health, and life insurance through a network of local agents, also called point-of-sale persons.
In the 2023–24 financial year, the company earned INR 410 crore in total revenue but had a net loss of INR 114 crore.
So far, RenewBuy has raised a total of $141 million from big investors like Japan’s Dai-ichi Life Insurance, Apis Partners, and Lok Capital.
The startup competes with three big names in the insurance space — InsuranceDekho (supported by CarDekho), Turtlemint (backed by Peak XV Partners), and PB Partners, which is part of Policybazaar.
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