[Funding alert] Insurtech startup and soonicorn Turtlemint raises $120M led by Amansa, Jungle, Nexus Venture Partners

Turtlemint, a Mumbai-based insurance advisor focused insurtech startup, has raised $120 million in a Series E funding round led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners. 

The round also saw participation from new investors including 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.  

Anand Prabhudesai, Co-founder, Turtlemint said, 

"We enable our advisors with various tools, which help them build their brand, generate leads and service customers with confidence in an increasingly digital world. With the new funding we are going to 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."

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Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is a digital platform designed to help financial advisors understand and allows them to insure their community of customers. It enables financial advisors to 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. 

Dhirendra Mahyavanshi, Co-founder, 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 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-II, III cities and beyond."

"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,” he added.

The Turtlemint advisor community today claims to have 160,000+ insurance advisors using the Turtlemint platform in 15,000+ pin codes in India. Turtlemint’s advisor app — branded as TurtlemintPro — allows empaneled PoSP advisors to fully manage their insurance business using a simple mobile app. Aside from selling a range of products across health, life, PA (personal accident), motor insurance, etc; the app also provides advisors the ability to build stronger customer relationships by enabling sharing of personalised branded content and quotes. It also offers a mobile based training and skill development programme for advisors through the Turtlemint Academy section on the app.  

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

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 commented, “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.”

According to Anup Gupta, Managing Director Nexus Venture Partners, Turtlemint is playing a pivotal role in transforming the insurance ecosystem in India with its tech-first approach. “Going forward, we see them making a significant contribution to increasing  insurance penetration in India,” Anup stated.