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The Competition Commission of India (CCI) on Friday granted its approval for the proposed merger between insurtech firms InsuranceDekho and RenewBuy.
According to the CCI release, “CCI approves the proposed merger of Girnar Finserv Private Limited; Girnar Insurance Brokers Private Limited; D2C Consulting Services Private Limited; RB Info Services Private Limited into Artivatic Data Labs Private Limited.”
Which entities are involved in the merger?
Girnar Insurance Brokers Private Limited, which operates the InsuranceDekho platform, is controlled by Girnar Software Private Limited (GSPL) and holds a composite broking licence.
Meanwhile, D2C Consulting Services and RB Info Services operate the RenewBuy platform.
What does the merger signify for the insurtech sector?
The CCI’s approval paves the way for one of India’s largest insurtech consolidations, expected to strengthen the combined entity’s position in the country’s fast-growing online insurance distribution market.
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