Turtlemint, an insurance tech platform, has announced the acquisition of Pune-based data science start-up, IOPhysics Systems. The acquisition is aimed at enhancing the data science acquisition capabilities of Turtlement in the highly competitive insurtech space. IOPhysics Systems aims to help data scientists and data engineers derive intelligence from structured or unstructured data in real-time. As a part of the acquisition, the IOPhysics’ founder and CEO Ashish Gawali will join the Turtlemint team as their VP - Data Science and Data Engineering, while the rest of the IOPhysics team will join the tech and data science verticals at Turtlemint.
Passion Connect, the HR Advisory Unit incubated by Blume Ventures, played a crucial role in this acquisition. Led by Sanam Rawal, it implements innovative hiring techniques to find the perfect employee-employer fit for their start-up portfolio. A structured and dedicated hiring and acquisitions vertical, led by Swati Gupta and her teammate Ayushi Verma, is one such technique, according to an official handout.
As part of their 'Highway to a 100 Unicorns' program, Microsoft for Start-ups recognised IOPhysics as the most Innovative and high potential start-up across Tier-2 cities in India. Its USP is its flexibility to integrate any data with any public cloud data platform of choice and data visualisation tool – all with an easy-to-use interface.
“As Turtlemint goes into the next phase of growth, data science and data engineering have become critical focus areas. Passion Connect recognised this need, leveraged its strong network in the start-up community and connected us to various start-up teams across domains. We loved the IOPhysics team, their IP and product since it allows developers to be cloud-agnostic and pick data platforms that suit the best need for the use case. We are excited and proud to join hands with them,” said Turtlemint co-founder Anand Prabhudesai.
Ashish Gawali, founder of IOPhysics said that both teams shared the same passion for improving people’s lives, even in remote pockets of the country. "In addition, we have immense respect for the humility of their leadership team and the intelligence and experience that they come with. We’re delighted that Passion Connect reached out to us, and they have been a strong people partner during our acquisition journey,” he added.
Home-grown insurtech platform Turtlemint has grown significantly since its inception in 2015, and has raised close to $69 million from several marquee investors.
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