RenewBuy: The Insurtech Phoenix Rising from the Ashes of Competition
June 23, 2025, 9:30 am
Location: India, Haryana, Gurugram
Employees: 1001-5000
Founded date: 2015
Total raised: $104.77M
In the bustling landscape of Indian insurtech, a new player is emerging from the shadows. RenewBuy, a Gurugram-based startup, has secured fresh funding of USD 10 million, adding fuel to its ambitious plans. This latest capital infusion comes as the company inches closer to a significant merger with rival InsuranceDekho. The stakes are high, and the potential rewards even higher.
Founded in 2014, RenewBuy has carved a niche in the insurance sector. It offers a range of products, including motor, health, and life insurance, through a vast network of point-of-sale agents. The company’s model is straightforward: simplify insurance for the everyday consumer. With a digital-first approach, it aims to make the process of buying and managing insurance as seamless as possible.
The recent funding round, which was led by existing investors Apis Partners and 360 One, is a strategic move. The USD 10 million will bolster operations and support the impending merger, which could create a formidable entity in the insurance broking space. The merger is expected to value RenewBuy at between USD 300 million and USD 350 million, potentially paving the way for a billion-dollar giant in the industry.
This is not the first time RenewBuy has attracted significant investment. In July 2023, the company raised USD 40 million in Series D funding from Dai-ichi Life Holdings Inc. The momentum is palpable. In FY24, RenewBuy reported revenues of INR 410 crore, a substantial increase from INR 287 crore in FY23. Even more impressive is the reduction in net losses, which fell from INR 197 crore to INR 114 crore. These figures paint a picture of a company on the rise, shedding its past struggles like a snake shedding its skin.
The insurtech sector in India is experiencing a renaissance. With a growing middle class and increasing awareness of insurance products, the market is ripe for disruption. RenewBuy is positioning itself at the forefront of this transformation. The company plans to leverage technology to enhance the customer experience. By integrating artificial intelligence throughout the insurance lifecycle, from purchasing to claims, RenewBuy aims to streamline processes and reduce friction.
The competition is fierce. Other players like Policybazaar and InsuranceDekho are also vying for market share. However, RenewBuy’s focus on a robust point-of-sale network gives it a unique edge. This network allows the company to reach consumers in areas that traditional insurers might overlook. It’s a classic David versus Goliath scenario, but with the right strategy, David can still win.
The merger with InsuranceDekho is a game-changer. It represents a consolidation of resources and expertise. Together, these companies could create a powerhouse capable of challenging established players in the market. The deal is currently awaiting approval from the Insurance Regulatory and Development Authority of India (IRDAI). If approved, it could reshape the landscape of insurance broking in India.
Investors are taking notice. The insurtech sector has seen a surge in venture capital, with India accounting for a significant portion of the investment in the Asia-Pacific region. According to S&P Global, India represented 35% of the USD 3.66 billion invested in insurtech-focused venture capital in the region. This influx of capital is a testament to the potential of the market.
RenewBuy’s vision extends beyond India. The company is eyeing international expansion, targeting markets with similar insurance gaps. This ambition is not just about growth; it’s about making insurance accessible to more people. The digital landscape is evolving, and RenewBuy is determined to be a part of that evolution.
As the company prepares for its next chapter, the focus will be on innovation and customer experience. The insurance industry has long been viewed as cumbersome and outdated. RenewBuy aims to change that perception. By harnessing technology and prioritizing customer needs, it seeks to redefine what insurance can be.
In conclusion, RenewBuy is more than just an insurtech startup. It’s a symbol of resilience and ambition in a rapidly changing market. With fresh funding, a strategic merger on the horizon, and a commitment to innovation, the company is poised to soar. The future of insurance in India is bright, and RenewBuy is leading the charge. The phoenix is rising, and it’s ready to take flight.
Founded in 2014, RenewBuy has carved a niche in the insurance sector. It offers a range of products, including motor, health, and life insurance, through a vast network of point-of-sale agents. The company’s model is straightforward: simplify insurance for the everyday consumer. With a digital-first approach, it aims to make the process of buying and managing insurance as seamless as possible.
The recent funding round, which was led by existing investors Apis Partners and 360 One, is a strategic move. The USD 10 million will bolster operations and support the impending merger, which could create a formidable entity in the insurance broking space. The merger is expected to value RenewBuy at between USD 300 million and USD 350 million, potentially paving the way for a billion-dollar giant in the industry.
This is not the first time RenewBuy has attracted significant investment. In July 2023, the company raised USD 40 million in Series D funding from Dai-ichi Life Holdings Inc. The momentum is palpable. In FY24, RenewBuy reported revenues of INR 410 crore, a substantial increase from INR 287 crore in FY23. Even more impressive is the reduction in net losses, which fell from INR 197 crore to INR 114 crore. These figures paint a picture of a company on the rise, shedding its past struggles like a snake shedding its skin.
The insurtech sector in India is experiencing a renaissance. With a growing middle class and increasing awareness of insurance products, the market is ripe for disruption. RenewBuy is positioning itself at the forefront of this transformation. The company plans to leverage technology to enhance the customer experience. By integrating artificial intelligence throughout the insurance lifecycle, from purchasing to claims, RenewBuy aims to streamline processes and reduce friction.
The competition is fierce. Other players like Policybazaar and InsuranceDekho are also vying for market share. However, RenewBuy’s focus on a robust point-of-sale network gives it a unique edge. This network allows the company to reach consumers in areas that traditional insurers might overlook. It’s a classic David versus Goliath scenario, but with the right strategy, David can still win.
The merger with InsuranceDekho is a game-changer. It represents a consolidation of resources and expertise. Together, these companies could create a powerhouse capable of challenging established players in the market. The deal is currently awaiting approval from the Insurance Regulatory and Development Authority of India (IRDAI). If approved, it could reshape the landscape of insurance broking in India.
Investors are taking notice. The insurtech sector has seen a surge in venture capital, with India accounting for a significant portion of the investment in the Asia-Pacific region. According to S&P Global, India represented 35% of the USD 3.66 billion invested in insurtech-focused venture capital in the region. This influx of capital is a testament to the potential of the market.
RenewBuy’s vision extends beyond India. The company is eyeing international expansion, targeting markets with similar insurance gaps. This ambition is not just about growth; it’s about making insurance accessible to more people. The digital landscape is evolving, and RenewBuy is determined to be a part of that evolution.
As the company prepares for its next chapter, the focus will be on innovation and customer experience. The insurance industry has long been viewed as cumbersome and outdated. RenewBuy aims to change that perception. By harnessing technology and prioritizing customer needs, it seeks to redefine what insurance can be.
In conclusion, RenewBuy is more than just an insurtech startup. It’s a symbol of resilience and ambition in a rapidly changing market. With fresh funding, a strategic merger on the horizon, and a commitment to innovation, the company is poised to soar. The future of insurance in India is bright, and RenewBuy is leading the charge. The phoenix is rising, and it’s ready to take flight.