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Renewbuy Raises $10 Million from Apis Partners and 360 One
- Insurtech startup Renewbuy has raised $10 million in fresh funding from Apis Partners and 360 One, gearing up for a potential merger with InsuranceDekho.
- The strategic funding aims to support operations and business development during the merger process, pending regulatory approval.
- Renewbuy's last funding round in June 2023 valued the company at $324 million, showcasing investor confidence amid industry consolidation.
- InsuranceDekho is in talks to acquire Renewbuy in a deal that could value Renewbuy at $300-350 million, pending IRDAI approval.
- Founded in 2014, Renewbuy has raised $141 million from investors like Dai-ichi Life Insurance, Apis Partners, and Lok Capital.
- Renewbuy generated ₹410 crore in revenue for FY 2023–24 but reported a net loss of ₹114 crore due to the high-cost structure of the insurtech sector.
- The insurtech startup operates using a hybrid model through physical agents to distribute insurance products.
- With major competitors like InsuranceDekho, Turtlemint, and PB Partners, Renewbuy's merger could set a trend for consolidation in India's digital insurance sector.
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