RenewBuy

Overview

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.

Recent Developments

  • May 2025: RenewBuy reported having approximately 1,700 employees across three continents, reflecting its expansive growth and reach in the insurance market. It also announced a positive business outlook as per employee reviews.
  • Feb 2025: The company published data highlighting the increased uptake of its health insurance products among demographics including women, Gen Z, and senior citizens.
  • 2024: RenewBuy witnessed a 15% reduction in employee attrition, showcasing its strong internal development and employee satisfaction strategies.
  • July 2023: RenewBuy closed a $40 million Series D funding round from Dai-ichi Life Holdings Inc., which aims to facilitate further growth in the Asian markets.
  • 2023: RenewBuy was involved in merger talks with InsuranceDekho, indicating a potential increase in its market size and influence due to consolidation.

Company Information

AttributeInformation
Founding Date2015
HeadquartersGurgaon, Haryana, India
FoundersBalachander Sekhar, Indraneel Chatterjee, Devesh Joshi
Revenue$750 million (as of May 2025)
ProfitsNot publicly disclosed
Key InvestorsDai-ichi Life Holdings, Apis Partners
IndustryInsurTech
Number of Employees1,700

Early History

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.

Company Profile and Achievements

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.

  • Distinct Business Approach: ReNewBuy's digital agent model combines the efficiency of technological tools with the personalized service provided by human agents, thus capturing a substantial market share especially in less penetrated regions.
  • Growth Milestones:
    • Secured significant investments from key players like Dai-ichi Life Holdings to aid expansion endeavors.
    • Recognized for an extensive advisor network assisting in a broad geographical coverage.
  • Innovative Solutions: The proprietary platform allows seamless policy comparison and instant purchase, enhancing customer satisfaction and operational efficiency.

Current Operations and Market Position

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.

Conclusion

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.

References

  1. RenewBuy on Tracxn
  2. CrunchBase: RenewBuy Overview
  3. Entrepreneur India: RenewBuy Funding
  4. RenewBuy on LeadIQ
  5. PitchBook: RenewBuy Metrics
  6. RenewBuy Official Website About us Page
  7. YourStory: InsuranceDekho, RenewBuy in merger talks