Turtlemint, India’s largest insurance advisor focused InsurTech platform, has announced a $120 million 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. 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 helps financial advisors 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 today has 160,000+ insurance advisors using the Turtlemint platform in 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. Aside 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 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, 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. However, we believe that access is only one aspect of the insurance purchase journey. Another equally important aspect is informed decision making. 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 1 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.”
Anand Prabhudesai, Co-founder, Turtlemint added, "India is at a critical juncture, particularly in terms of demand for health insurance products. Tier 2 and 3 cities will account for a significant portion of this demand. As individuals continue to seek assistance during purchase and claim journeys, the last-mile distribution needs to be empowered with the best technology. This is what our offline-online strategy solves for customers.
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."
Arpit Beri, Principal at Jungle Ventures said, “In India, insurance inherently is relationship based and financial advisors will remain the lynchpin in the insurance buying journey for a long time to come. Turtlemint has empowered the financial advisors with the knowledge and tools needed to sell better insurance products to more people in less time. In a profound and exciting way, Turtlemint is co-creating the future of insurance distribution in India, and we are proud to be on this journey with them.”
Peter Read, Partner at Vitruvian Partners, commented “We believe that Turtlemint is at the forefront of effecting digital transformation in insurance in India by enabling advisors, through technology, to bring transparency and trust to customers. We are excited to partner with the exceptional team at Turtlemint in their next phase of growth by making insurance simple and accessible across India and beyond.”
Anup Gupta, Managing Director Nexus Venture Partners, said “We are delighted to be a part of the Turtlemint’s journey right from its inception. Turtlemint is playing a pivotal role in transforming the insurance ecosystem in India with its tech-first approach. Going forward, we see them making a significant contribution to increasing insurance penetration in India”
