RenewBuys pares FY24 losses by 40% amid merger reports
D2C Consulting Services, the parent company of RenewBuy, is reportedly in talks with InsuranceDekho for a potential merger in a cash-and-stock deal.
D2C Consulting Services, the parent company of digital insurance startup RenewBuy, pared its losses by 42% to Rs 114.44 crore in FY24 from Rs 197.19 crore in the previous year.
The online insurance aggregator clocked 40% rise in operating revenue to Rs 394.40 crore from Rs 280.75 crore in FY23, according to a filing made with the Registrar of Companies.
D2C Consulting Services is reportedly in talks with its larger peer InsuranceDekho for a potential merger in a cash-and-stock deal. The combined entity is expected to be valued over Rs 8,000 crore, with RenewBuy valued at about Rs 3,000 crore.
The RenewBuy platform offers comparison for motor, health and life insurance. Its total expenses rose 8% to Rs 524.24 crore, mainly driven by higher interest payments and other expenses.
RenewBuy is valued at $364 million according to the data available on data intelligence platform Tracxn. It last raised $40 million in a Series D round from Dai-ichi Life Holdings in July 2023.
The startup was founded in 2016 by Balachander Sekhar and Indraneel Chatterjee. RenewBuy plans to expand beyond India, especially in the Asian markets.
Its peer PolicyBazaar, a unit of listed entity PB Fintech, reported a 43.81% year-over-year jump in operational revenue at Rs 1,167 crore in Q2. During the same period, it clocked a profit after tax of Rs 51 crore, marking a turnaround from a loss of Rs 21.11 crore incurred in the corresponding year-ago period.
Edited by Swetha Kannan