Insurtech company Turtlemint raises $120 Million in Series E round Funding

• ByStartupStory     |    April 29, 2022

Leading Insurtech platform Turtlemint has raised $120 million in its Series E round led by Jungle Ventures, Nexus Venture Partners, and Amansa Capital. Participation from existing and new backers, including Vitruvian Partners and Marshall Wace, were also present in the funding round.

The Thane-based startup had closed its Series D round at USD 46 million in March 2021. The platform had raised $190 million to date. Turtlemint will be using the funds to expand in new geographies, further scale its leadership team and strengthen its product line, said the company in a statement.

Turtlemint, founded in 2016 by Dhirendra Mahyavanshi and Anand Prabhudesai, connects advisors and customers through its marketplace and offers third-party insurance products across various categories including vehicle, life, and health. The Insuretech firm also complements advisors and helps them to grow their reach.

The company in its short history, has partnered with more than 45 insurers, including Bajaj Allianz, Digit, ICICI Lombard, Reliance General Insurance, and has onboarded nearly 160,000 insurance advisors across 15,000 pin codes in the country.

Turtelmint’s major competition includes Policybazaar and Coverfox. The major difference between Turtlemint and his competitors is that Turtlemint is solely focused on agents while Policybazaar and Coverfox directly deal with customers and not agents.

For the fiscal year ending on March 31, 2021, Turtlemint’s operating revenue jumped 35 percent to INR 63 crore. However, its profit reduced by 55 percent to INR 1.62 crore in FY21 from INR 3.58 crore in FY20. The company believes it’s on track to generate $54 million (approx INR 400 crore) in revenue in FY22.

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