Amansa Capital, Jungle Ventures, and Nexus Venture Partners led a $120 million Series E investment round for insurtech platform Turtlemint on Friday. The platform plans to use the new money to expand into new areas, scale its leadership team, and improve its product stack, according to the company. This raises the company’s total investment to $190 million since its founding.
“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,” stated Dhirendra Mahyavanshi, Co-founder of Turtlemint.
According to Mahyavanshi, the company aims to recruit more than 1 million advisors by 2025, boosting the country’s growth rate.
“As individuals continue to seek assistance during purchase and claim journeys, the last-mile distribution needs to be empowered with the best technology,” said Anand Prabhudesai, Cofounder, Turtlemint.
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The latest round also saw participation from new investors Vitruvian Partners and Marshall Wace, along with other existing investors.
“Turtlemint has empowered the financial advisors with the knowledge and tools needed to sell better insurance products to more people in less time,” shared Arpit Beri, Principal at Jungle Ventures.
Since its inception in 2015, the Turtlemint network has grown to include over 160,000 insurance advisors in over 15,000 pin codes across India.
Turtlemint began as an online platform for insurance agents to join and sell auto, health, and life insurance. It was founded by Dhirendra Mahyavanshi and Anand Prabhudesai, both former employees of classifieds startup Quikr. The business has gone with an online-to-offline strategy.
According to a version of Turtlemint’s investor filings from November 2021, it has over 120,000 advisers and is on course to produce $54 million in revenue in FY22. Life insurance penetration stood at 3.2 percent, while non-life insurance penetration at 1 percent. India’s insurance density, which is the premium per capita, stood at $78 in FY21, less than one-tenth of the world average for insurance density of $809.
More early-stage startups such as Plum Insurance, Verak, Onsurity and Loop Health have also seen increased investor interest. Tiger Global, with whom Turtlemint has had conversations, is also an investor in Policybazaar and Plum, a group insurance startup.
In 2021 so far, India has produced over 35 unicorns- the moniker for startups valued at over a billion dollars- once a rare breed. Internet startups have raised over $25 billion in nine months this year, more than double what they raised in entire previous years.
