Turtlemint raises $120 million; valuation jumps to $950 million

Insurtech platform Turtlemint has raised $120 million in a Series E fund raise round led by Amansa Capital, Jungle Ventures and Nexus Venture Partners. Although the company hasn’t disclosed the valuation for the current fund raise, sources said that the firm was valued at $900-$950 million.

The current fund raise also saw the 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 company intends to use the fresh funds to expand in new geographies, scale its leadership team and strengthen its product stack.

Founded in 2015 by Dhirendra Mahyavanshi & 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.

“The insurance industry in India is at the cusp of transformation and we are proud to be playing a catalytic role in this journey. 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.

“While we target to onboard 1 million+ advisors by 2025 further accelerating our pace of growth in India, 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,” he added.

Recently, the company also expanded in the Middle East by providing digital journey for insurance to banks & other distributors. As the company plans on international expansion, they are looking to expand in South East Asian markets as well.