RenewBuy is a fast-growing InsurTech platform based in Gurgaon, India, specializing in offering a diverse array of insurance policies and financial products through its online distribution platform. The company was founded in 2015 by Balachander Sekhar, Indraneel Chatterjee, and Devesh Joshi. It allows consumers to compare and purchase health, life, and motor insurance from multiple insurance companies. As of 2025, RenewBuy has raised $141 million in funding and employs over 1,700 people across Asia, North America, and Europe, with a revenue report of $750 million.
| Attribute | Information |
|---|---|
| Founding Date | 2015 |
| Headquarters | Gurgaon, Haryana, India |
| Founders | Balachander Sekhar, Indraneel Chatterjee, Devesh Joshi |
| Revenue | $750 million (as of May 2025) |
| Profits | Not publicly disclosed |
| Key Investors | Dai-ichi Life Holdings, Apis Partners |
| Industry | InsurTech |
| Number of Employees | 1,700 |
RenewBuy began its operations in 2015, emerging as a revolutionary force in the InsurTech industry. Founded by veterans like Balachander Sekhar and Indraneel Chatterjee, who brought years of experience in the insurance sector. The company's inception was driven by the mission to bridge the insurance accessibility gap in semi-urban and rural areas of India. RenewBuy set apart itself by employing a digital agent model, a unique combination of technology and agent-driven sales, providing a transparent and cost-effective solution to its consumers. Within four years, the company had acquired over a million customers, signifying its successful penetration into the market.
RenewBuy operates predominantly in the digital insurance marketplace, focusing on offering competitive prices through its online platform. Its business model leverages a digital agent approach, empowering over 90,000 advisors across 800 cities to deliver insurance products efficiently.
RenewBuy currently commands a strong position in the InsurTech domain, with significant influence in tier-3 and smaller towns where 70% of its business originates. It continues to expand its product offerings which include various insurance categories covered under life and general insurance policies. The company's focus on leveraging technology ensures competitive pricing and efficiency, manifesting competitive advantages over traditional insurance brokers. Recent strategic initiatives involve potential mergers that aim to broaden its marketplace stature and extend insurance reach.
RenewBuy has firmly established itself as a key player in the InsurTech industry through its innovative digital agent model and broad coverage across India. The company has shown impressive growth and adaptability in the evolving landscape by continuously enhancing its technology and expanding its network. With substantial backing from prominent investors and a strong presence in emerging markets, RenewBuy is well-positioned to lead advancements in insurance accessibility and affordability on a global scale. The company’s ongoing efforts to expand and innovate are expected to sustain its growth trajectory and reinforce its position as a formidable force in the insurance sector.