Insurtech startup InsuranceDekho has raised fresh funds from Goldman Sachs, TVS Capital Funds and Eytukan Holdings, documents filed with the Ministry of Corporate Affairs (MCA) showed. The filings showed that the investment firms bought 1.37 million shares of InsuranceDekho for Rs 38.57 crore (approximately $4.2 million).
The fundraiser appears to be a part of the broader corporate restructuring at the CarDekho Group, which owns InsuranceDekho. To explain, CarDekho group entities – InsuranceDekho and Girnar Finserv – are set to merge alongside RenewBuy and ultimately be housed under a single entity, namely Artivatic Data Labs. Notably, the Competition Commission of India (CCI) approved the merger plans in November 2025.
For context, RenewBuy acquired a majority stake in Artivatic Data Labs in 2022. Artivatic is an AI-native insurtech platform that provides underwriting and claims automation tools through application programming interface-based (API-based), and Software as a Service (SaaS) solutions.
Pertinently, InsuranceDekho declined to comment on MediaNama’s queries on the development.
Why are InsuranceDekho and RenewBuy Merging with Artivatic?
In a major consolidation move in the insurance aggregation market, InsuranceDekho and RenewBuy reportedly merged through a share swap in May 2025. Strategically, the merger is about scale and distribution muscle.
Currently, InsuranceDekho offers insurance products across motor, life, health and travel insurance segments. The company claims to cover 98% of India’s PIN codes and serve over 15 million customers. Its merger with smaller competitor RenewBuy is expected to position it as the second-largest player in the insurance distribution space, where it competes with industry leader Policybazaar, ACKO and Turtlemint, among others.
Founded in 2015, RenewBuy focuses on the digital insurance distribution business, with a network of around 125,000 insurance advisors, in about 1,500 towns across India.
The combined entity is expected to have a premium book of Rs 6,000 crore, a five-fold increase over the base scale of either individual platform. The deal reportedly valued InsuranceDekho at Rs 5,400 crore, while RenewBuy was valued at Rs 1,800 crore.
Together with Artivatic, they will create a new phygital insurance powerhouse, combining InsuranceDekho’s online insurance product breadth with RenewBuy’s semi-urban and rural reach as well as Artivatic’s AI insurance infrastructure.
Currently valued at $283 million (Rs 23.56 crore), India’s online insurance market is projected to become a $550 million (Rs 4,580 crore) opportunity by 2031.
InsuranceDekho’s IPO Plans
InsuranceDekho is among a growing list of new-age firms gearing up for an initial public offering (IPO). In March last year, InsuranceDekho CEO Ankit Agrawal told Moneycontrol that the company was eyeing an IPO over the next 18 months, with a potential listing in early FY27.
Meanwhile,…
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