Jungle Ventures & other investors infuse $46 Million in Insurtech platform Turtlemint
Mumbai-based Insurtech platform Turtlemint has raised fresh funding of $46 million in a Series D round led by Singapore-based Jungle Ventures, one of Southeast Asia's largest independent venture capital firms.
In November, the startup had raised $30 million from GGV Capital, with participation from American Family Ventures, MassMutual Ventures, SIG, Existing investors Blume Ventures, Sequoia Capital India, Nexus Venture Partners, Dream Incubator, and Trifecta Capital. To date, Turtlemint has raised total capital amounting to $69 million.
In a statement, the company said that it would deploy the fresh proceeds towards growing its distributor network in the next 18 months, ramping up its reach within existing geographies, add new locations, building product capabilities, and marketing.
Turtlemint was founded in 2015 by ex-Quikr executives DhirendraMahyavanshi and AnandPrabhudesai. The company connects advisors and customers through its marketplace and offers third-party insurance products across categories like vehicle, life, and health. The platform also complements advisors and helps them to grow their reach.
Available as an Android mobile and web application, Turtlemint is used by insurance agents, referred to as micro-entrepreneurs, for distributing insurance and other allied products. It allows comparing insurance plans of leading insurance companies so that one can buy the best insurance plans at the cheapest prices.
Currently, the startup claims to have developed a network of over 100,000 insurance advisers with more than 1.5 million customers in over 5,000 metro cities and towns. The company is witnessing an annual premium run rate of Rs 1,800 crore in FY21.it posted a profit of Rs 3.6 crore in FY20 and Rs 12 lakh in the previous fiscal year.
In a statement, Mahyavanshisaid that the Covid-19 pandemic has accelerated the adoption of life insurance, where the penetration among the middle class has been just 0.4%. The startup has seen a 600% growth in health insurance over last year.“Categories of the population where they would have otherwise never bought health insurance or were looking to buy health insurance have started purchasing it,” he further added.
“We are looking at different kinds of smaller ticket size products for cancer insurance, critical illness insurance, and personal accident insurance on the health side and the life insurance side and making them more widely available to our distribution network,” says, Prabhudesai.
In November, the startup had raised $30 million from GGV Capital, with participation from American Family Ventures, MassMutual Ventures, SIG, Existing investors Blume Ventures, Sequoia Capital India, Nexus Venture Partners, Dream Incubator, and Trifecta Capital. To date, Turtlemint has raised total capital amounting to $69 million.
In a statement, the company said that it would deploy the fresh proceeds towards growing its distributor network in the next 18 months, ramping up its reach within existing geographies, add new locations, building product capabilities, and marketing.
Turtlemint was founded in 2015 by ex-Quikr executives DhirendraMahyavanshi and AnandPrabhudesai. The company connects advisors and customers through its marketplace and offers third-party insurance products across categories like vehicle, life, and health. The platform also complements advisors and helps them to grow their reach.
Available as an Android mobile and web application, Turtlemint is used by insurance agents, referred to as micro-entrepreneurs, for distributing insurance and other allied products. It allows comparing insurance plans of leading insurance companies so that one can buy the best insurance plans at the cheapest prices.
Currently, the startup claims to have developed a network of over 100,000 insurance advisers with more than 1.5 million customers in over 5,000 metro cities and towns. The company is witnessing an annual premium run rate of Rs 1,800 crore in FY21.it posted a profit of Rs 3.6 crore in FY20 and Rs 12 lakh in the previous fiscal year.
In a statement, Mahyavanshisaid that the Covid-19 pandemic has accelerated the adoption of life insurance, where the penetration among the middle class has been just 0.4%. The startup has seen a 600% growth in health insurance over last year.“Categories of the population where they would have otherwise never bought health insurance or were looking to buy health insurance have started purchasing it,” he further added.
“We are looking at different kinds of smaller ticket size products for cancer insurance, critical illness insurance, and personal accident insurance on the health side and the life insurance side and making them more widely available to our distribution network,” says, Prabhudesai.
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