Girnar Group’s Consolidation Move Unifies Four Key Entities, Creating One of India’s Largest AI-Driven Insurance Marketplaces
CCI Clears the Decks for Girnar’s Big Insurtech Merger
The Competition Commission of India (CCI) has given the green light to the merger of four Girnar Group entities into Artivatic Data Labs, an insurtech startup acquired by RenewBuy in 2022.
The entities being consolidated include:
- Girnar Finserv
- Girnar Insurance Brokers (operator of InsuranceDekho)
- D2C Consulting Services
- RB Info Services (core backend of RenewBuy)
The merger is aimed at streamlining operations, consolidating technology platforms, and strengthening market position across insurance distribution, underwriting, and claims automation.
What the Merger Means: A Unified Insurance Tech Ecosystem
The merger effectively brings together two fast-scaling insurance brands — InsuranceDekho and RenewBuy — under a single tech-led umbrella, centralised within Artivatic Data Labs.
- InsuranceDekho, a full-stack platform with a composite broking licence, focuses on digital insurance distribution and is backed by Girnar Software Pvt Ltd (GSPL).
- RenewBuy, meanwhile, leverages a large network of digital advisors to sell insurance and wellness products.
Artivatic, now the holding structure, offers AI-powered tools for underwriting and claims automation, enabling the combined entity to offer end-to-end insurtech solutions via API-first and SaaS platforms.
Strategic Consolidation Amid Rapid Growth
The merger comes at a time when both brands have shown rapid growth in reach and funding:
- InsuranceDekho raised $70 Mn (INR 611 Cr) in March 2025 from Beams Fintech Fund, MUFG, and BNP Paribas Cardif, aiming to scale its distribution and enhance its tech stack.
- RenewBuy has expanded to cover nearly 40 insurers, increasing its reach via a digitally enabled advisor-led model.
The merged group could command a valuation near $1 Bn (INR 8,000 Cr), as reported by Inc42:
- InsuranceDekho: valued at INR 5,000+ Cr
- RenewBuy: pegged at INR 3,000 Cr
Financial Snapshot: Growth vs. Profitability
While the topline is growing, InsuranceDekho has seen profitability pressure:
- FY25 net loss: INR 47.5 Cr
- FY24 net profit: INR 85.7 Cr
- FY25 revenue: INR 1,290 Cr (up 73.5% YoY)
The dip into the red highlights the cost of aggressive scaling, even as the platform invests heavily in tech infrastructure and customer acquisition.
Synergies in Tech and Distribution
Post-merger, the combined group will have access to:
- A full-stack AI underwriting platform via Artivatic
- Digital distribution channels (via InsuranceDekho)
- Advisor-led sales infrastructure (via RenewBuy)
- Access to over 40 insurance partners, offering wider coverage for consumers
The strategic alignment positions the group to become one of India’s largest insurtech platforms, capable of competing with the likes of Policybazaar and Acko.
Broader Implications for India’s Fintech and Insurtech Sectors
This merger reflects a broader trend in India’s fintech sector — consolidation for scale, especially in regulated, high-capex domains like insurance.
With regulatory support, increasing insurance penetration, and a growing appetite for AI automation in claims and underwriting, the merger strengthens India’s position in building tech-native financial services ecosystems.
