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Economic Times
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Insurtech firm Renewbuy bags $10 million from Apis, 360 One
- Renewbuy, an insurtech firm, secures $10 million funding from Apis Partners and 360 One.
- The funding round is aimed at aiding business development during the ongoing merger with InsuranceDekho.
- Renewbuy did not respond to ET queries regarding the funding.
- InsuranceDekho is looking to acquire Renewbuy, valuing the startup at $300-350 million.
- The acquisition aims to create a billion dollar merged entity in the insurance broking sector.
- The deal is pending approval from the Insurance Regulatory and Development Authority of India.
- Renewbuy plans to utilize the funds for business operations and expansion in the interim period.
- Since its inception in 2014, Renewbuy has raised $141 million from investors like Dai-ichi Life Insurance, Apis Partners, and Lok Capital.
- As of June 2023, Renewbuy was valued at around $324 million.
- Renewbuy deals in motor health and life insurance products through physical agents.
- For the financial year 2023-24, the company reported a revenue of Rs 410 crore and a net loss of Rs 114 crore.
- Renewbuy competes with players like InsuranceDekho, Turtlemint, and Policybazaar in the insurance sector.
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