InsuranceDekho and RenewBuy, two prominent players in the online insurance sector, are reportedly in advanced discussions to merge. According to media sources, the proposed merger would be a cash-and-stock transaction that could value the combined company at approximately Rs 8,000 crore. The deal, if finalized, would create a new leader in India’s online insurance distribution market.
Currently, the estimated valuations of the two companies stand at around Rs 5,000 crore for InsuranceDekho and Rs 3,000 crore for RenewBuy. The combined valuation reflects the potential for significant influence in the Insurtech industry.
Potential Impact on Stakeholders
RenewBuy emphasized the advantages this merger would bring to a broad range of stakeholders, including consumers, agents, insurers, employees, and shareholders. By forming a larger, consolidated entity, the companies aim to enhance their capacity to serve the evolving demands of the online insurance sector. RenewBuy noted that such consolidation could make the merged entity a “category leader,” offering superior services and product variety.
Though the companies are exploring possibilities, they have not yet provided specific details regarding the merger. RenewBuy stated that discussions remain in the early, exploratory stages, and no deal has been finalized.
About InsuranceDekho and RenewBuy
InsuranceDekho operates from Gurugram and is known for its user-friendly insurance comparison platform. It enables users to compare various policies and choose the best one for their needs. Supported by TVS Capital Funds, InsuranceDekho works under Girnar Insurance Brokers Pvt. Ltd. and partners with 48 insurance companies, providing a selection of over 630 plans to its customers.
Similarly, RenewBuy, also headquartered in Gurugram, was founded by Balachander Sekhar and Indraneel Chatterjee. It provides a wide range of life and general insurance policies along with other financial products. The company has seen rapid growth in the Insurtech space and is backed by Apis Partners and IIFL Asset Management.
What Lies Ahead?
If the merger goes through, it would represent one of the most significant consolidations in the online insurance industry, potentially reshaping the landscape of Insurtech in India. However, with discussions still in preliminary phases, more details are expected as the companies move forward.
