Mumbai, India-based insurance advisor platform Turtlemint raised USD 120 million in Series E funding on April 29, 2022. Amansa Capital, Jungle Ventures, and Nexus Venture Partners led the funding for Turtlemint.
Besides, the round saw participation from new investors, including Vitruvian Partners and Marshall Wace. So far, the insurance startup has raised USD 190 million. The valuation of the recent investment soared to more than USD 900 million.
Purpose of Funding for Turtlemint
Turtlemint intends to use the latest funding to scale its leadership team and further strengthen its product line.
The startup recently expanded in the Middle East. Moreover, it has plans to grow in the Southeast Asian markets and new geographies.
What the founders have to say
Anand Prabhudesai, Co-founder of Turtlemint, said, “We enable our advisors with various tools, which help them build their brand, generate leads and service customers with confidence. With the new funding, we will invest significantly in creating superior customer experience when it comes to understanding insurance requirements, managing life-long risks through the right insurance products and getting a smooth claims experience.”
Dhirendra Mahyavanshi, Co-founder of Turtlemint, 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 these aspects through digital solutions that empower insurance advisors. Innovation and technology will continue to be the core focus of Turtlemint. We will continue to increase our footprints in Tier-II, III cities and beyond.”
He further added, “While we target to onboard over a 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.”
What the investors have to say
Arpit Beri, Principal at Jungle Ventures, said, “In India, insurance inherently is relationship-based and financial advisors will remain the lynchpin in the insurance buying journey for a long time to come. Turtlemint has empowered the financial advisors with the knowledge and tools needed to sell better insurance products to more people in less time.”
Peter Read, Partner at Vitruvian Partners, said, “We believe that Turtlemint is at the forefront of effecting digital transformation in insurance in India by enabling advisors, through technology, to bring transparency and trust to customers. We are excited to partner with the exceptional team at Turtlemint in their next phase of growth by making insurance simple and accessible across India and beyond.”
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