The company will use the funds to expand the point of sales distribution and technology.
Online insurance distribution platform Turtlemint has closed a $25 million funding round led by Sequoia India. Existing investors Nexus Venture Partners and Blume Ventures also participated in this round.
In an interaction with Moneycontrol, Dhirendra Mahyavanshi, co-founder, Turtlemint, said that they are looking to investing the funds into growing their business, through the point-of-sales persons (PoSP) and technology push.
"We already have 25,000 PoSPs and are looking to take the number to 2,50,000-3,00,000 in the next few years. The funds will also be invested into getting newer technology and content," he said.
Using Turtlemint, customers can choose from wide variety of policies by over 20 insurers across car, two-wheeler, life and health insurance. They purchase the insurance online or can take the help of a PoSP to complete the process.
Anand Prabhudesai, co-founder, Turtlemint, added that they sell retail insurance products of motor, life and health insurance and would stick to personal lines of business. He added that they would expand into travel and home insurance categories in the future.
The three-year old startup Turtlemint provides recommendations to customers based on proprietary algorithms and data analytics. The company caters to nearly 25000 licensed insurance experts (PoSP’s) across 700 plus cities, to help customers select and complete their insurance purchase using their proprietary MintPro app.
"Turtlemint has pioneered a new model that is not only bringing new agents into the insurance domain but is also helping them become more productive and effective with their customers by making them digitally savvy," said Harshjit Sethi, Principal, Sequoia Capital India Advisors.
The company has partnered with 80 percent of the industry players and is in talks to tie-up with the others.
