Picture Credits: Techcrunch

Turtlemint raises $30 million


Picture Credits: Techcrunch

What does Turtlemint do?

Turtlemint saves time and money by comparing different insurance plans and bringing in the best plan for the user onboard. Turtlemint is an online platform that allows users to compare and buy the car, bike, and health insurance products.
Turtlemint is headquartered in Mumbai, Maharashtra. Anand Prabhudesai is the Co-Founder of Turtlemint. Turtlemint has received funding from investors such as GGV Capital, American Family Ventures, and MassMutual Ventures. Turtlemint’s main competitors are Coverfox, BankBazaar, and PolicyBazaar.

Whats big with Turtlemint

Turtlemint, an India-based insurtech platform, raised US$30 million in a new financing round led by GGV Capital. It had last raised $25 Mn in 2019 from Sequoia Capital, Nexus Venture Partners, and Blume Ventures to increase the number of insurance partners it was working with. The company had also planned to use the funding to develop technology and business offerings but Turtlemint went through its hardships in 2020.

We had news of pay cut by 30% for 750 employees but two days back we hear the new news of Turtlemint hitting 30M in a round led by GVV capital. The funds raised will be utilized to boost insurance and financial product penetration at the grassroots by investing in cutting-edge technology solutions. The Turtlemint platform currently partners with 40+ insurers and serves more than 1.5 million customers from the insurance quote to claims
When asked the founder of what he plans to do with the money – “For over five years, Turtlemint through its PoSP (Point of Sales Person) model has been empowering insurance advisors in metros, cities, and towns across India,” he said. “We plan on investing in key focus areas, which include expanding our advisors.”
Turtlemint’s model entails selling retail-focused policies in life, health, and motor segments through its online platform, along with assistance from advisors across India.

Picture Credits: Entrackr

Indian customers require extensive advisory solutions to lock in on their insurance purchases. The company looks to differentiate itself from competitors by expanding its network of advisors on the ground, said Mahyavanshi.
“With insurance penetration at just under 3.5%, among the lowest in the world, there is a huge need and opportunity for the insurance sector to grow fast in India. This requires the creation of skilled manpower in every part of the country,” he added.
With reports around the company has been growing as one of the fastest competitor in the past four years and is one of the fastest rising players in what is potentially a $100 billion market says Harshjit Sethi, principal at Sequoia Capital India.