Personalized Insurance Platform Turtlemint Secures $30 Million from GGV Capital

Team StartupcityMumbai headquartered online insurance platform Turtlemint has raised $30 million in a new funding round led by a global VC firm GGV Capital.

While the round saw participation from the company’s existing investors such as Sequoia Capital India, Blume Ventures, Nexus Venture Partners, Dream Incubator, and Trifecta Capital, it also brought on board new investors like American Family Ventures, MassMutual Ventures and SIG.

Turtlemint intends to utilize the fresh infusion of funds to grow its network of advisors and improve its technology stack to further improve the experience for consumers.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint has created a seamless platform for health and motor insurance. Easing the process of buying and managing insurance policies, the platform allows users to compare various policies before making a purchase. Operated by Invictus Insurance broking Private Limited an IRDAI Certified broker, the company claims to have partner with over 40 insurers and serves more than 1.5 million customers.

"For over five years, Turtlemint, through its PoSP (Point of Sales Person) model, has been empowering insurance advisors in 5,000+ metros, cities, and towns across India. Apart from the ease of doing business, sales growth is crucial for an advisor. The Turtlemint platform enables this through tools like a mobile CRM to manage customers, a repository of video content that they can use for customer education, and social media marketing features for driving insurance awareness,” said Dhirendra Mahyavanshi about the investment.

“By developing products for the micro-entrepreneurs and the rising middle class, Turtlemint has an opportunity to have a positive impact on India’s economy. Dhirendra, Anand and their team built an incredible platform that enables over 100K mom-and-pop financial advisors to serve consumers’ interests with digital tools, helping middle-class families in India get insured with the best products available,” said Hans Tung, Managing Partner, GGV Capital said.