Insurtech platform Turtlemint raises $120 million in Series E funding

Insurtech start-up Turtlemint has raised $120 million in jts Series E fundraise led by Amansa Capital, Jungle Ventures and Nexus Venture Partners. The round also saw participation from new investors Vitruvian Partners and Marshall Wace, along with other existing investors.

This brings the total funding raised by the company since inception to $190 million. According to reports, the latest funding round has valued Turtlemint at more than $900 million. The company intends to use the fresh funds to expand in new geographies, scale its leadership team and strengthen its product stack.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is a digital platform designed to help financial advisors understand and distribute insurance to their community of customers.

The platform aids financial advisors to instantly match each customer with a suite of products that is best suited for their unique needs, through a digital solution thereby removing the hassles of paperwork.

The Turtlemint advisor community currently has 160,000 plus insurance advisors using the Turtlemint platform in more than 15,000 pin codes in India. Turtlemint’s Advisor App branded as TurtlemintPro, allows empaneled PoSP advisors to fully manage their insurance business using a simple mobile app.  

Apart from selling a range of products across Health, Life, PA (Personal Accident), Motor Insurance, etc; the App also provides advisors the ability to build stronger customer relationships by enabling sharing of personalised branded content and quotes. It also offers a mobile based training & skill development program for advisors through the Turtlemint Academy section on the app.

Recently, the company has also expanded in the Middle East by providing digital journey for insurance to banks & other distributors. As the company plans on international expansion they are looking to expand in South East Asian markets as well.

Dhirendra Mahyavanshi, co-founder, Turtlemint said, "The insurance industry in India is at the cusp of transformation and we are proud to be playing a catalytic role in this journey. Insurance is an important risk mitigation tool that needs to be universally accessible."

"While we target to onboard 1 million plus 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.