The Series E round funding was led by Amansa Capital, Jungle Ventures and Nexus Venture Partners with participation from Vitruvian Partners and Marshall Wace and other existing investors
Turtlemint plans to to expand to new geographies, scale its leadership team and strengthen its product line
The startup has 160,000+ insurance advisors across 15,000+ pin codes in India
Mumbai-based insurtech startup Turtlemint has raised $120 Mn in a Series E funding round led by Amansa Capital, Jungle Ventures and Nexus Venture Partners. With this, the total funding raised by the startup since its inception reached $190 Mn.
The startup’s valuation has reached $900 Mn with the latest funding round, taking it closer to entering the unicorn club.
The funding round also saw participation from Vitruvian Partners and Marshall Wace, along with other existing investors.
The insurtech startup will use the funds to expand to new geographies, scale its leadership team and strengthen its product line, according to a statement.
Last year, the online insurtech startup raised $46 Mn in Series D funding round from Jungle Ventures. Before this, it had raised $30 Mn led by GGV Capital, American Family Ventures, MassMutual Ventures and SIG in November 2020.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is a platform that helps financial advisors understand and distribute insurance to their community of customers.
It aims to assist these advisors to cater to the individual needs of each customer by providing digital solutions.
“India is at a critical juncture, particularly in terms of demand for health insurance products. Tier 2 and 3 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,” said Prabhudesai.
The startup has 160,000+ insurance advisors across 15,000+ pin codes in India. TurtlemintPro, its advisor app, allows empaneled Point of Sales Person advisors to fully manage their insurance business with the app.
Advisors can build customer relationships by sharing personalised branded content and quotes with the app. It also offers a mobile-based training and skill development program for advisors through the Turtlemint Academy section in the app. The startup has a target to onboard more than 1 Mn advisors by 2025.
The startup has expanded to the Middle East and is now looking to cover new geographies such as the Southeast Asian markets.
In the past couple of months, many insurtech startups have raised funding across the country. Earlier this month, Pune-based Loop Health raised $25 Mn led by General Catalyst, Elevation Capital and Sierra Ventures, while Delhi NCR-based ClaimBuddy raised $3 Mn co-led by Chiratae Ventures and Rebright Partners in February this year. Nova Benefits also raised an undisclosed amount of investment in February while Bengaluru-based Kenko raised $12 Mn led by Sequoia India in the same month.
The Indian insurtech sector is dominated by names like Digit Insurance, Acko General, PolicyBazaar, OneAssist, PolicyBoss among others.
The sector is likely to emerge as the fastest-growing fintech sub-segment in terms of market opportunity by 2025, as per an Inc42 report.
The insurtech segment in India has propelled the growth of the fintech market overall. The fintech sector consists of lending tech, insurtech and digital payments.
Among these three, insurtech is the fastest-growing fintech sub-segment in terms of market share, growing at a CAGR of 57%, followed by investment tech (44%) and fintech SaaS (40%), according to the report by Inc42.