Girnar Group’s Fintech, Insurance Subsidiaries To Merge With RenewBuy Subsidiaries
By Shishta Dutta | Published at: Jul 18, 2025 12:06 PM IST
New Delhi, July 18, 2025 – Girnar Software Private Limited (CarDekho Group) has proposed a strategic merger of its key fintech and insurance subsidiaries with RenewBuy-backed entities to consolidate under Artivatic Data Labs. This move is seen as a signal for a major consolidation in the Indian insurtech space, aiming to create a stronger unified platform.
Merger Structure
As per the Merger Framework Agreement signed on May 12, 2025, the following entities will merge and be ultimately housed under Artivatic Data Labs Private Limited:
| Merging Entities | Parent Group | Area of Business |
|---|---|---|
| Girnar Finserv Private Limited | Girnar Software Pvt Ltd | Marketing communication services |
| Girnar Insurance Brokers Private Limited | Girnar Software Pvt Ltd | Insurance broking via InsuranceDekho |
| D2C Consulting Services Private Limited | RenewBuy (RB Group) | Marketing & consulting |
| RB Info Services Private Limited | RenewBuy (RB Group) | Wellness product sales, DSA for loans & credit cards |
These entities will be consolidated under Artivatic, an insurtech SaaS company providing API-driven underwriting and claims solutions.
Strategic Rationale
The transaction aims to:
- Consolidate operations across Girnar’s InsuranceDekho and RenewBuy’s platforms
- Enhance insurance reach across 19,000+ Indian pin codes
- Improve synergies across advisory, marketing, and SaaS-driven insurance tech
- Enable common investors in both ID and RB entities to align strategic priorities and accelerate last-mile distribution
Investor Participation
Multiple institutional investors are backing the transaction:
| Investor | Involvement |
|---|---|
| Goldman Sachs Group (GS Group) | Via GSCH, WSGGP V, WSGGPE, and WSPM |
| TVS Shriram Growth Fund (TSGF) | Holds minority stakes in Girnar Insurance and Finserv |
| Eytukan Holdings (Mauritius) | Focused on B2B/SaaS investments |
| Apis Growth II (Rose) Pte Ltd | Managed by Apis Partners Group (UK) |
| Dai-ichi Life Holdings Inc. | Public-listed Japanese insurer, the ultimate controlling entity |
Regulatory Markets
The parties operate in the following markets:
- Distribution of insurance products in India (life and general segments)
- Advertising and marketing communications
- Insurtech SaaS products and underwriting tech
According to the filing, the combination is not expected to raise competition concerns due to:
- Low market share of parties
- Presence of strong incumbents and startups
- No significant entry barriers
- Significant buyer power and product substitutes
Companies Overview
Girnar Software Private Limited, incorporated in 2006, is the parent behind platforms such as CarDekho, BikeDekho, and CollegeDekho. It also owns InsuranceDekho and Rupyy (vehicle finance). RenewBuy, operated by D2C Insurance and its associated entities, is an insurance aggregator that focuses on hybrid digital and agent-based models.
Artivatic Data Labs is an AI-led SaaS firm specialising in automated insurance underwriting and claims infrastructure.
Goldman Sachs, TVS Capital, Apis Partners, and Dai-ichi Life are established global and domestic investors with significant holdings across fintech and insurtech portfolios in India. This strategic consolidation is expected to reshape the competitive landscape in India’s digital insurance distribution and insurtech markets.
REF: https://www.cci.gov.in/images/summaryorders/en/summary1752751311.pdf
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