Insurtech startup Renewbuy raises $10 million from Apis, 360 One

Insurance startup RenewBuy has raised Rs 10 million (around ₹86 crore) in fresh funding from its existing investors, Apis Partners (UK) and 360 One (formerly IIFL Wealth), according to media reports.

This comes as the Gurgaon-based insurance startup is in the middle of merging with its rival, insurancedekho.

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The company plans to use the funds to keep the business running and grow its operations during this transition period.

About RenewBuy 

Founded in 2014, RenewBuy offers motor, health and life insurance products through a network of on-ground agents, also known as point-of-sale persons in the industry. In 2023-24, the company posted a total revenue of Rs 410 crore and a net loss of Rs 114 crore.

RenewBuy has raised $141 million so far from major investors like Japan’s Dai-ichi Life Insurance, Apis Partners, and Lok Capital.

The startup competes with three major players in this space — InsuranceDekho (backed by cardekho), Turtlemint (backed by Peak XV Partners), and PB Partners, a unit of Policybazaar.

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