Mumbai-based online insurance platform Turtlemint on Tuesday said it has raised a fresh round of growth financing from Singapore-based Jungle Ventures, bringing its Series D fundraise to $46 million.
The funds will be used to supercharge insurance distribution and innovation in India, Turtlemint said in a statement.
Turtlemint Co-founder Dhirendra Mahyavanshi said:
“We have been focusing on empowering our PoSPs (point of sale person) with technology, which has enabled them to advise the right products at all points of time. We would continue to focus on spreading our distribution to the remotest part of the country and further deepen our presence in the existing locations.
“Due to the recent COVID-19 pandemic, the overall consumer awareness and demand for health insurance and term life insurance have shot up. From this period onwards, we have seen our partners wholeheartedly embrace the digital platform and solutions, resulting in a 2.5X boost to their business. Our PoSP partners have made digital sales very effective in pandemic times. We thank Jungle Ventures, who has joined us in the journey to create a million successful financial entrepreneurs in the next three-five years.”
Turtlemint was founded in 2015 by Dhirendra and Anand Prabhudesai. It is a deep tech platform that helps advisors educate customers and recommend products suited to their requirements, enabling them to buy insurance seamlessly.
“While we continue to work closely with our partners by empowering them with technology, we would also focus on reimagining the entire insurance value chain from building awareness, to purchase to claims on a digital footprint,” Anand said. “The funds raised would be utilised to further strengthen the Turtlemint platform by adding user-friendly new-age insurance products, developing engaging content for customer education, and enabling digitisation across all models of distribution, traditional and new. We have an endeavour to serve 50 million plus customers in the next five years and we are on track to achieve the same.”
The platform claims to have developed a network of over 100,000 insurance advisors that cater to more than 1.5 million customers in at least 5,000 places, including metro cities. Turtlemint has also built partnerships with more than 30 Indian insurance providers, including HDFC Life Insurance, HDFC Ergo, ICICI Lombard, New India Assurance, Reliance General Insurance, and new-age companies such as Go Digit.
On the fundraise, Amit Anand, Founding Partner at Jungle Ventures, said: “This is our first investment in the insurance tech space in India and we are very excited to partner with the team at Turtlemint. Micro entrepreneurs are the backbone of the Indian economy and we see Turtlemint playing a huge role in making them more digitally inclusive. India lags behind in improving the depth and breadth of insurance coverage and the recent initiatives by the government are in the right direction. However, the country and the industry will need to think digitally first and Turtlemint is the right ally to help them get there. We are excited for the opportunity to help Dhirendra and Anand scale the business to further heights.”