New Delhi, Sept. 1 -- Private equity-backed InsuranceDekho and RenewBuy have announced the consolidation of their businesses, while travel fintech platform Niyo will acquire the forex and cross-border business of Capital India Finance.
InsuranceDekho, RenewBuy
InsuranceDekho and RenewBuy have inked a merger to create a pan-India insurance distribution ecosystem.
The combined business will operate under the InsuranceDekho brand, with founder and CEO Ankit Agrawal leading the unified entity. The founders of both companies will continue in the merged organisation, ensuring continuity in leadership, execution and long-term strategy, according to a press release.
As of March 2026, the two companies have together facilitated the issuance of over two crore insurance policies since inception through a network of over six lakh digital partners. The combined platform's premium book stood at over Rs 6,600 crore as of March 2026.
Last year, VCCircle reported that InsuranceDekho and RenewBuy were set to consolidate their operations under a single entity.
"Our model has always been powered by our partners, and by backing them with a range of product choice, stronger tools and the support to grow their business, we deepen insurance access in the towns and villages of Bharat that need it most," said InsuranceDekho founder and CEO Agrawal. "This combination brings together complementary strengths in technology, on-ground distribution and insurer partnerships. Our immediate focus is disciplined execution and seamless integration," he added.
InsuranceDekho was launched in 2017 by CarDekho, which is operated by Girnar Software. It is a licensed insurance broker offering health, motor and life insurance products. The company operates an AI-native phygital model that combines its technology platform with a network of digital partners. It is backed by investors such as Goldman Sachs, TVS Capital, and Avataar Ventures.
Meanwhile, RenewBuy, founded in 2015, distributes insurance policies through a network of point-of-sale agents. It counts Apis Partners, Dai-ichi Life, Lok Capital, and 360 ONE amongst its investors.
Niyo-RemitX
Travel fintech platform Niyo has agreed to acquire the forex and cross-border business of Capital India Finance for Rs 11.4 crore ($1.2 million), according to a press release. The forex and cross-border business operates under the RemitX brand.
The transaction is subject to regulatory and other requisite approvals. The combined entity will operate under Kanji Forex, a wholly-owned subsidiary of Niyo, the release said.
"RemitX brings three things for Niyo that can't be built quickly: a branch network that reaches customers where they live, partner relationships, and a team that has been running this business together for years. Cross-border is a core business for Niyo and we are investing in it accordingly," said Amit Talwar, CEO of Niyo Forex.
RemitX has a presence across 32 locations in more than 16 states. It generated a turnover of Rs 24.9 crore in the financial year ended March 2026.
Niyo, founded in 2015 by Vinay Bagri and Virender Bisht, provides international debit and credit cards, remittances, forex cash and value-added travel services, including flights, visa assistance, travel insurance, international eSIMs and experiences. The Bengaluru-based company's investors include Accel, Lightrock, Prime Venture Partners, and Multiples PE.
The sale of RemitX will enable Capital India Finance to enhance its focus on its core lending business, which remains its primary growth engine. It is a listed non-banking finance company focussed on providing secured MSME and retail lending solutions. Capital India offers customised credit solutions to micro, small and medium enterprises (MSMEs), professionals and retail customers. The company operates 46 branches across nine states, with assets under management of at Rs 1,227.4 crore as of March 31.
In 2024, Weaver Services, a firm founded by former Housing Development Finance Corporation executive Satrajit Bhattacharya, acquired Capital India Finance's subsidiary Capital India Home Loans for Rs 267 crore.
Published by HT Digital Content Services with permission from VC Circle.