Turtlemint raises $120 million as valuation tops $900 million

Insuretech platform Turtlemint has mopped up USD 120 million in its Series E round led by Amansa Capital, Jungle Ventures and Nexus Venture Partners. Although the company has not discolsed its valuation post the fundraise, report says the insuretech firm is now valued at USD 900-950 million.




The financing round also saw participation from existing and new investors such as Vitruvian Partners and Marshall Wace. This brings the total funding raised by the company since inception to $190 million. The TSequoia Capital-backed firm is planning to use the fresh funds to expand in new geographies, scale its leadership team and strengthen its product line.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the platform follows an online-offline model and provides recommendations to customers based on proprietary algorithms and data analytics, and offers a network of offline facilitators to help complete the insurance purchase and provide claims assistance. The Thane-based startup offers customers a choice of several policies from over 15 insurers for vehicle, two-wheeler, and health insurance categories. It recently expanded in the Middle East and its plans to expand in the Southeast Asian markets as well. Part of the funds will also be used to boost its leadership team.

Dhirendra Mahyavanshi, Co-founder, Turtlemint, said in the statement that it targets to onboard more than 1 million advisors by 2025.

“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,” added Mahyavanshi.

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Anand Prabhudesai, Cofounder, Turtlemint, noted that tier II and III cities will account for a significant portion of the demand for health insurance products.

“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,” added Prabhudesai.