InsuranceDekho–RenewBuy Merger: India’s new phygital insurance powerhouse

India's insurtech landscape is set for its biggest shake-up yet as InsuranceDekho and RenewBuy move ahead with a merger that will create one of the country’s largest tech-led insurance distributors after PolicyBazaar.

CCI-cleared merger under Artivatic

The deal, recently cleared by the Competition Commission of India (CCI), merges the operating entities behind both platforms–Girnar Finserv and Girnar Insurance Brokers on the InsuranceDekho side, and D2C Consulting Services and RB Info Services on the RenewBuy side, into Artivatic Data Labs, an AI-first insurance technology company.

Artivatic, acquired by RenewBuy in 2022, provides API-based, SaaS solutions for underwriting and claims assistance, and will now house the combined business as the core tech and legal entity.

Deal value and leadership

When the merger documents were signed in May 2025, reports indicated a share-swap transaction valuing the combined entity at about ₹7,400 crore, with InsuranceDekho valued at roughly ₹5,400 crore and RenewBuy at ₹1,800 crore.

Separate media coverage has also pegged the merged platform at over ₹8,000 crore (around $1 billion), with InsuranceDekho valued at north of ₹5,000 crore and RenewBuy closer to ₹3,000 crore, making it one of India’s most valuable insurtech players after PolicyBazaar.

All four founders from both companies are expected to continue, while InsuranceDekho co-founder Ankit Agrawal is slated to lead the merged entity as CEO, ensuring continuity alongside integration.

Building a phygital insurance giant

Strategically, the merger is about scale and distribution muscle. The combined entity is expected to manage a premium book of around ₹6,000 crore, nearly five times the standalone scale of either platform.

InsuranceDekho brings deep insurer relationships and product breadth, with partnerships with 49 insurers and over 720 insurance plans across motor, health, life, and commercial lines.

RenewBuy contributes a formidable offline engine of over 1.25 lakh insurance advisors across 1,500+ towns, with a strong focus on semi-urban and rural markets.

Together, they create a “phygital” distribution model: online discovery and digital onboarding, backed by human advisory at the last mile, a direct challenge to incumbent players in both pure-play digital and traditional agency channels.

Capital, tech, and what comes next

Capital firepower is already in place. InsuranceDekho raised $150 million in Series A in February 2023 and $60 million in Series B in October 2023, bringing its total funding above $200 million by the end of 2023. In March 2025, the company raised an additional $70 million in a funding round co-led by Beams Fintech Fund, Mitsubishi UFJ Financial Group (MUFG), and BNP Paribas Cardif.

RenewBuy, meanwhile, secured $40 million in Series D funding in July 2023 from Dai-ichi Life Holdings. Additionally, RenewBuy raised a $10 million (₹86 crore) bridge round in June 2025 from existing investors Apis Partners and 360 One, explicitly to support operations and growth ahead of the merger.

Industry watchers expect the merged entity to raise a larger round once integration is complete and then aim for an IPO over the medium term.

For India’s insurance ecosystem, the deal underlines a clear direction: consolidation, hybrid distribution, and AI-led infrastructure. By combining InsuranceDekho’s omnichannel reach, RenewBuy’s advisor network, and Artivatic’s underwriting and claims automation, the new entity aims to offer broader product access, sharper advisory, and faster, more efficient servicing for millions of policyholders across metros and Bharat alike.

For the wider ecosystem, it’s also a signal that Indian insurtech is entering a scale-up phase where distribution, data, and deeptech will decide who wins the next wave of growth beyond the top 30 cities.