Online insurance broking platform company InsuranceDekho is in advanced talks to merge with smaller peer RenewBuy in a cash-and-stock deal, according to two people familiar with the matter.
The deal, if completed, will create India's second-largest insurance aggregator, trailing only PolicyBazaar, reported BusinessWorld.
Through the deal, Renewbuy will be merged into InsuranceDekho. Valued at over INR80bn ($951.5m), the newly formed company is expected to seek further funding before considering a public listing. The merger would value RenewBuy at around INR30bn while InsuranceDekho’s valuation exceeds INR50bn.