Insurtech platform Turtlemint, raises $120m in Series E funding

Turtlemint, the insurance advisor focused insurtech platform, has announced a $120m Series E fundraise led by Amansa Capital and Jungle Ventures. 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 $190m. The company intends to use the fresh funds to expand in new geographies, scale its leadership team and strengthen its product stack.

Turtlemint is an India-born digital platform meant to assist financial advisors understand and sell insurance to their community of consumers. It was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai. Through a digital solution, the platform assists financial advisers in rapidly matching each consumer with products that is suited for their needs, reducing the difficulties of paperwork.

In India, there are already over 160,000+ insurance advisers using the Turtlemint platform in more than 15,000 pin codes. Turtlemint’s advisor app, dubbed TurtlemintPro, enables empaneled PoSP advisors to run their insurance company entirely through a mobile app. Apart from offering a variety of products such as health, life, PA (personal accident), and motor insurance, the app also allows advisers to strengthen client connections by allowing them to share tailored branded content and quotations.

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

Speaking on the development, Mahyavanshi, co-founder, Turtlemint said: “Our solutions are designed to holistically enhance both these aspects through digital solutions that empower insurance advisors. Innovation and technology will continue to be the core focus of Turtlemint as we continue to increase our footprints in tier 2, tier 3 cities and beyond. While we target to onboard over one million 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.”

Meanwhile co-founder Prabhudesai stated: “We enable our advisors with various tools, which help them build their brand, generate leads and service customers with confidence in an increasingly digital world. With the new funding we are going to invest significantly in creation of superior customer experience when it comes to understanding insurance requirements, managing life-long risks through the right insurance products and getting a smooth claims experience.”