Turtlemint acquires cloud data analytics startup IOPhysics Systems

Mumbai-headquartered insurtech platform Turtlemint announced the acquisition of Pune-based cloud data analytics company, IOPhysics Systems, for an undisclosed amount.

With the acquisition, Turtlemint will also take ownership of IOPhysics’ IP and product portfolio, which will be used by the insurtech platform for internal purposes, the startup said in a statement. 

However, Turtlemint did not comment on the nature of the deal, whether all-cash or equity. 

With this acquisition, Ashish Gawali, CEO, IOPhysics, will join Turtlemint as Vice President of data science and data engineering, while the rest of the team will join Turtlemint's tech and data science teams.

Venture capital firm Blume Ventures incubated HR services unit Passion Connect managed the acquisition. 

Earlier this year, Turtlemint had raised $46 million in a Series D round, which saw participation from GGV Capital, Jungle Ventures, and others. To date, the startup has raised $69 million from institutional investors.

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Why it matters

Founded in 2015 by former Quikr executives Anand and Dhirendra Mahyavanshi, Turtlemint operates a marketplace for insurance purchase connecting customers and advisors. It offers third-party insurance products such as life insurance, health insurance, and others. 

Turtlemint has a strong offline presence through its distributor network and has a network of 1.25 lakh insurance advisors.

Adding strong data sciences capabilities will help the platform drive personalisation and recommendations to its insurance partners.

“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 startup community, and connected us to various startup teams across domains,” said Anand Prabhudesai, Co-founder of Turtlemint, in a statement. 

He added, “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.”

The big picture

According to various media reports, Turtlemint was eyeing the unicorn tag with a new funding round at an estimated $200 million. The market is bullish with rival PB Fintech, which owns and operates insurance aggregator PolicyBazaar, concluding its Rs 5,700 crore IPO, which was subscribed 16 times.

Other insurtech companies, including Acko and Digit Insurance, are also part of the unicorn club.