Indian insurtech Turtlemint has raised $120 million in series E funding it will use to grow its business and its leadership team and expand its product.
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, a statement from the company said.
“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,” said Dhirendra Mahyavanshi, co-founder, Turtlemint.
Amansa Capital and Jungle Ventures led the round. 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 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 and skill development program for advisors through the Turtlemint Academy section on the app.
