Online insurance platform, Turtlemint has secured $120 million in Series E funding round led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners. The startup has closed the current funding round at a valuation of $900 – $950 million.
The fundraising round also witnessed participation from new backers Vitruvian Partners and Marshall Wace, along with other existing investors. The Insurtech startup has raised a total of $190 million to date.
Turtlemint intends to use the fresh funds to expand in new geographies, scale its leadership team and strengthen its product line. Recently, the company expanded into the Middle East and reported it will now look to expand into Southeast Asia as well. 160,000 insurance advisors across 15,000 pin codes in India are on board with Turtlemint.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Mumbai-based Turtlemint is an online insurance platform that identifies and purchases appropriate insurance policies for consumers.
TurtleMint aims to ease the process of buying and managing insurance policies. The company also provides smart tools to help users make the right choice. It helps financial advisors understand and distribute insurance to their community of customers.
Dhirendra Mahyavanshi, Co-founder of Turtlemint, said, “Insurance is an important risk mitigation tool that needs to be universally accessible. However, we believe that access is only one aspect of the insurance purchase journey. Another equally important aspect is informed decision making. Our solutions are designed to holistically enhance both these aspects through digital solutions that empower insurance advisors. Innovation and technology will continue to be the core focus of Turtlemint as we continue to increase our footprints in Tier-II, III cities and beyond.”
“While we target to onboard over a million advisors by 2025, further accelerating our pace of growth in India. We are also leveraging our technology expertise to offer our solutions to financial institutions both in India as well as the Middle East where we partner with leading banks for API-based solutions,” he added.
Anand Prabhudesai, Co-founder of TurtleMint, said, “India is at a critical juncture, particularly in terms of demand for health insurance products. Tier II-III cities will account for a significant portion of this demand… As individuals continue to seek assistance during purchase and claim journeys, the last-mile distribution needs to be empowered with the best technology. This is what our offline-online strategy solves for customers.”
Arpit Beri, Principal at Jungle Ventures, said, “In India, insurance inherently is relationship-based and financial advisors will remain the lynchpin in the insurance buying journey for a long time to come. Turtlemint has empowered the financial advisors with the knowledge and tools needed to sell better insurance products to more people in less time.”
Peter Read, Partner at Vitruvian Partners, said, “We believe that Turtlemint is at the forefront of effecting digital transformation in insurance in India by enabling advisors, through technology, to bring transparency and trust to customers. We are excited to partner with the exceptional team at Turtlemint in their next phase of growth by making insurance simple and accessible across India and beyond.”
Anup Gupta, Managing Director at Nexus Venture Partners, said, “Turtlemint is playing a pivotal role in transforming the insurance ecosystem in India with its tech-first approach. Going forward, we see them making a significant contribution to increasing insurance penetration in India.”