CCI Greelights InsuranceDekho, RenewBuy Merger With Artivatic

SUMMARY

Competition Commission of India (CCI) has approved the proposed merger of four entities owned by CarDekho’s parent Girnar Group into Artivatic Data Labs, an insurtech startup it acquired in 2022

The entities to be merged with Artivatic are Girnar Finserv, Girnar Insurance Brokers, D2C Consulting Services, and RB Info Services

Meanwhile, D2C Consulting Services and RB Info Services collectively power RenewBuy, which distributes insurance and financial products through a vast network of digital advisors

The Competition Commission of India (CCI) has approved the proposed merger of four entities owned by Girnar Group and RenewBuy into Artivatic Data Labs, an insurtech startup RenewBuy acquired in 2022.

As per a CCI order today (November 7), the entities to be merged with Artivatic are Girnar Finserv, Girnar Insurance Brokers, D2C Consulting Services, and RB Info Services. The approval marks a major step in Girnar’s plan to consolidate its fast-expanding insurance and fintech operations under one unified structure.

Girnar Finserv and Girnar Insurance, both subsidiaries of Girnar Software Pvt Ltd (GSPL), handle marketing and insurance distribution. Girnar Insurance operates InsuranceDekho, a full-stack insurance platform that holds a composite broking licence from the IRDAI.

GSPL also runs a suite of mobility and finance platforms, including CarDekho, BikeDekho, TruckDekho, Rupyy, ZigWheels, and CollegeDekho.

Meanwhile, D2C Consulting Services and RB Info Services collectively power RenewBuy, which distributes insurance and financial products through a vast network of digital advisors. RB Info also offers wellness products and acts as a direct selling agent for loans and credit cards.

The merged entity will sit under Artivatic Data Labs, an AI-native insurtech platform providing underwriting and claims automation tools through API-based and SaaS solutions.

The move effectively brings InsuranceDekho and RenewBuy under a single umbrella — creating one of India’s largest tech-led insurance marketplaces.

Inc42 had earlier reported that the merged group could command a valuation of around $1 Bn (INR 8,000 Cr), with InsuranceDekho valued north of INR 5,000 Cr and RenewBuy pegged at about INR 3,000 Cr.

Both brands have been scaling rapidly ahead of the merger. While RenewBuy has expanded its network to nearly 40 insurers, InsuranceDekho raised $70 Mn (INR 611 Cr) in March 2025 from Beams Fintech Fund, MUFG, and BNP Paribas Cardif to strengthen its tech stack and widen distribution.

However, despite robust growth, InsuranceDekho slipped into the red in FY25, posting a net loss of INR 47.5 Cr against a profit of INR 85.7 Cr in FY24, even as operating revenue surged 73.5% YoY to INR 1,290 Cr.