D2C Consulting Services, the parent company of digital insurance startup RenewBuy, pared its losses by 42% to Rs 114.44 crore in FY24 from Rs 197.19 crore in the previous year. 

The online insurance aggregator clocked 40% rise in operating revenue to Rs 394.40 crore from Rs 280.75 crore in FY23, according to a filing made with the Registrar of Companies.

D2C Consulting Services is reportedly in talks with its larger peer InsuranceDekho for a potential merger in a cash-and-stock deal. The combined entity is expected to be valued over Rs 8,000 crore, with RenewBuy valued at about Rs 3,000 crore. 

The RenewBuy platform offers comparison for motor, health and life insurance. Its total expenses rose 8% to Rs 524.24 crore, mainly driven by higher interest payments and other expenses. 

RenewBuy is valued at $364 million according to the data available on data intelligence platform Tracxn. It last raised $40 million in a Series D round from Dai-ichi Life Holdings in July 2023. 

The startup was founded in 2016 by Balachander Sekhar and Indraneel Chatterjee. RenewBuy plans to expand beyond India, especially in the Asian markets. 

Its peer PolicyBazaar, a unit of listed entity PB Fintech, reported a 43.81% year-over-year jump in operational revenue at Rs 1,167 crore in Q2. During the same period, it clocked a profit after tax of Rs 51 crore, marking a turnaround from a loss of Rs 21.11 crore incurred in the corresponding year-ago period.

Funding news:

Enlog secures Rs 1.75 Cr in equity funding

Enlog, a Delhi-based startup specialising in AI-powered energy management and IoT solutions, has secured Rs 1.75 crore in equity funding from Vinners.

The fresh funds will be used to boost its operations and accelerate its growth in India’s energy management sector.

Enlog, a Delhi-based energy management startup, was founded in 2019 by Bharath Rnkawat and Jharna Saha, focuses on IoT and AI-powered energy solutions to optimise electricity consumption and reduce carbon footprints. So far, it has managed 11,300 MWh of electricity and reduced over 2,000 tons of carbon emissions.

With over 15,000 users, Enlog aims to reduce carbon emissions by one million tons by 2027. It plans to triple its revenue from Rs 12 crore in 2024 to Rs 40-45 crore by 2025, focusing on expanding into key Indian metro cities like Bangalore, Hyderabad, Pune, and Indore.

Pulse bags $1.4M in a seed funding round led by Endiya Partners

Pulse, an advanced Agentic AI platform, has secured $1.4 million in seed funding from Endiya Partners, with participation from angel investors, including founders of Zluri and Yellow.ai, and other entrepreneurs and product leaders.

The funding will primarily focus on building a robust core team, enhancing the platform’s development, purpose-built LLMs, and Agentic AI capabilities.

It is launching its MVP in November 2024, following pilots with multiple design partners. The company plans to allocate resources for early go-to-market initiatives to establish a foothold in India and the US, paving the way for long-term growth and leadership in the AI-first product management space.

Hyderabad-based Pulse, founded in 2024, uses Agentic AI to collect customer feedback, analyse structured and unstructured data, and automate key processes like feature extraction, prioritisation, and product hierarchy creation.

Other News

DaveAI secures patent for real-time adaptive digital aisle, transforming customer engagement

Dave.AI, an interactive digital solutions, has been granted a patent by the Government of India for its “System and Method for Real-Time Adaptive Interactive Digital Aisle of Products.”

The patented system leverages DaveAI’s proprietary Affinity Engine, a multi-dimensional AI with an online learning genetic algorithm, powers real-time hyper-personalisation, allowing brands to craft adaptable and engaging digital customer experiences.

DaveAI combines machine learning with genetic algorithms to personalise customer interactions in real time. This allows brands to provide tailored recommendations, adapt to changing customer needs, and build lasting connections.

(The copy will be updated with the latest news throughout the day)

Fitness brand Boldfit on Thursday said it raised Rs 110 crore in its series A round from Bessemer Venture Partners (BVP). 

Boldfit, which sells everything from yoga mats and water bottles to protein powers and exercise apparel, plans to use the latest infusion for product innovation and brand expansion. 

Boldfit, which was founded by Pallav Bihani in 2019, had earlier announced a strategic investment from cricketer KL Rahul in July. Rahul also joined the company as a brand ambassador.

“We believe sports and fitness is a rapidly growing market in India and Boldfit has emerged as an early leader in the space with its strong focus on product quality, holistic distribution, and strong brand partnerships. We’re excited to partner with Pallav and the team in their next stage of growth,” noted Anant Vidur Puri, Partner at Bessemer Venture Partners.

Boldfit had earlier outlined its plans to use the funds for the development of new product lines and enhance customer engagement through targeted campaigns and community development initiatives. Additionally, the company is also looking to optimise its supply chain and improve logistics to reduce delivery times. 

Boldfit said it clocked revenue of Rs 73 crore in FY24 and expects to cross the Rs 500 crore threshold by FY26, which it had shared with Yourstory earlier.

The company currently claims to serve over one crore customers annually.