Turtlemint is a Mumbai-based online insurance platform that is well known for identifying and purchasing appropriate insurance policies for consumers. Recently, the start-up has announced to have raised an undisclosed amount of funds in its latest Series D financing round led by Singapore-based Venture Capital firm- Jungle Ventures.
According to several reports, with the latest funding, the start-up has closed its Series D funding round at USD 46 million. As mentioned in the company profile on Crunchbase, the insurance company had previously raised USD 30 million in its Series D round back in November 2020 from US-based GGV Capital with participation from MassMutual, American Family Ventures and SIG. Other existing investors that participated in the company’s 2020 funding round include Dream Incubator, Sequoia Capital India, Nexus Venture Partners, Blume Ventures and Trifecta Capital.
Mahyavanshi, Co-founder and Chief Executive Officer, Turtlemint mentioned in a statement saying that with this latest infusion of funds, the company will focus on its expansion plans for its insurance distribution network to the remotest areas of the country, according to a report by Inc42.
The COVID-19 pandemic has been a driving force for the company’s businesses as more and more people have invested in buying motor and health insurance in 2020, escalating Turtlemint’s total business by 2.5 times.
When asked about the latest infusion of funds, the company mentions utilising the money to further strengthen the company portfolio by introducing new age insurance products, enable digitisation across the insurance technology segment and develop engaging content for customer education. The start-up aims to serve more than 50 million people over the next five years and it is certainly on the right path.
Founded back in 2015 by Kunal Shah, Prabhudesai and Dhirendra Mahyavanshi, Turtlemint helps customers make the right choice when it comes to insurance technology related queries. The start-up also provides a technology platform for pure insurance agents to sell their products.
According to a report by Inc42, the total fund raised by Turtlemint in its Series D financing round amounts to USD 69 million. The company acts as a broker for over 40 Indian insurance companies and earns money by charging these companies a fair commission.
In the last two to three years, the insurance market in India which is largely governed by government bodies such as LIC (Life Insurance Corporation) and GIC (General Insurance Corporation of India) has witnessed a lot of disruption from private companies with the introduction of technology in the segment- the insurance technology platforms.