InsuranceDekho, RenewBuy to Close Merger, Plan Rs 4,000 Crore IPO

Insurance distribution platform InsuranceDekho and insurtech firm RenewBuy are set to complete their proposed merger within the next few days, paving the way for one of the largest public offerings in India's insurance technology sector. Senior executives from both companies said the merger process is in its final stages and is expected to conclude shortly. The combined entity is aiming to strengthen its position in the country's rapidly expanding digital insurance market while preparing for its next phase of growth.

Speaking about the development, InsuranceDekho Founder Ankit Agrawal and RenewBuy Chief Operating Officer Indraneel Chatterjee said the merged company plans to launch an initial public offering (IPO) during the 2026-27 financial year. The proposed listing is targeted before March 31, 2027, with the company expecting to raise between Rs 3,500 crore and Rs 4,000 crore through the public issue. The IPO is expected to include a combination of a fresh issue of shares and an offer for sale (OFS) by existing shareholders.

As part of its preparations for entering the capital markets, the merged entity intends to file its Draft Red Herring Prospectus (DRHP) by the end of September. Filing the DRHP will mark a key milestone in the listing process, allowing the company to disclose its financial performance, business strategy, risk factors and other regulatory information required before launching the public issue. Additional details regarding valuation and share allocation are expected to be announced closer to the IPO.

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The merger will combine InsuranceDekho's digital insurance marketplace with RenewBuy's extensive agency-led distribution network, creating one of India's largest insurance distribution platforms. The integrated business aims to expand its presence across life, health and general insurance while strengthening its reach in Tier II and Tier III cities. The companies believe the combined platform will improve customer access, broaden distribution capabilities and accelerate technology-driven insurance solutions.

The planned IPO comes at a time when investor interest in India's insurance and financial services sector continues to grow. Digital insurance companies are increasingly exploring public listings to raise capital for business expansion, technology investments and wider distribution networks. Industry experts believe the sector has significant growth potential as insurance penetration and digital adoption continue to increase across the country.

If completed as planned, the InsuranceDekho-RenewBuy IPO is expected to rank among the largest public offerings from India's insurtech industry in FY27. The merger and subsequent listing are seen as important steps in consolidating the country's digital insurance ecosystem and strengthening competition in the sector. Investors and market participants will now closely watch the completion of the merger and the filing of the DRHP later this year.

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