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In November, the Mumbai-based insurtech startup had raised $30 million from GGV Capital, American Family Ventures, MassMutual Ventures and SIG, as part of the Series D round. Existing investors Blume Ventures, Sequoia Capital India, Nexus Venture Partners, Dream Incubator and Trifecta Capital had also participated in the round.
Turtlemint has raised $69 million till date.
The company said it would utilise the latest funding to grow its distributor network in the next 18 months, ramp up its reach within existing geographies, add new locations, build product capabilities, and for marketing.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint developed a network of over 100,000 insurance advisers that cater to more than 1.5 million customers in over 5,000 metro cities and towns. The company is witnessing the annual premium run rate of Rs 1,800 crore in FY21, which is the current financial year.
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Indian Insurtech platform Turtlemint closes Series D at $46m after Jungle Ventures funding
Photo: Reuters
March 9, 2021
InsurTech platform Turtlemint said it has raised funding from Singapore-based Jungle Ventures, its first investment in the category, bringing the startup’s Series D fundraising to a close at $46 million.
The funds will be used to boost insurance distribution and innovation in India, the company said in a statement.
“This is our first investment in the Insurance tech space in India and we are very excited to partner with the team at Turtlemint. Micro entrepreneurs are the backbone of the Indian economy and we see Turtlemint playing a huge role in making them more digitally inclusive. India lags behind in improving the depth and breadth of insurance coverage and the recent initiatives by the government are in the right direction,” said Amit Anand, Founding Partner, Jungle Ventures.
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