Turtlemint, an insurtech platform, said on April 29 that it has raised $120 million in a Series E round headed by Amansa Capital, Jungle Ventures, and Nexus Venture Partners. Turtlemint’s valuation has risen to $900 million following the investment, putting it on the verge of becoming a unicorn.
New investors Vitruvian Partners and Marshall Wace, as well as previous investors, participated in the round. This raises the company’s total investment to $190 million since its founding.
The new funds will be used to grow into new geographies, scale the leadership team, and improve the product stack.
After the parent company of insurance marketplace Policybazaar, PB Fintech, went public, the insurtech business is aiming for unicorn status. The company’s value could have increased by five times if it had been valued at $1 billion.
Insurtech platforms in India attracted a lot of investor interest in 2021, which was assisted by the stable funding environment. Insurtech startups raised $436.57 million across 20 rounds in 2021, according to Tracxn statistics, more than double the $227 million raised in 2020. The first two insurtech unicorns in the country were players Digit and Acko Insurance.
Turtlemint began as an online platform for insurance brokers to join and offer car, health, and life insurance in 2015. It was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, both former employees of classifieds company Quikr.
The business has gone with an online-to-offline strategy.
The startup’s software assists financial advisors in better understanding and disseminating insurance to their client base. It also allows financial advisors to use a digital solution to match customers with products that are best suited to their needs.
“Insurance is a critical risk management tool that should be available to everyone.” We feel, however, that access is simply one part of the insurance purchase process. Making informed decisions is another crucial factor. “As we continue to expand our footprint in tier 2, tier 3, and beyond, Turtlemint will continue to focus on innovation and technology,” Mahyavanshi said in a statement.
The company recently expanded in the Middle East by delivering services, and it also wants to expand its worldwide footprint to include countries in Southeast Asia. By 2025, Mahyavanshi said, the company hopes to have onboarded over 1 million advisors.
