Sequoia Capital backed-Invictus Insurance Broking Pvt. Ltd, which operates online insurance platform Turtlemint, has roped in Bajaj Allianz’ Executive Vice President Navvin Jaiin as its Chief Business Officer, the company said in a statement on Tuesday.
Jaiin’s appointment comes at a time when the company is expanding its presence across multiple business verticals and ensuring universal insurance. Jaiin, who has over two decades of experience in the financial services ecosystem, will be managing the company’s long-term growth strategy, the statement said.
“In a very short period of time, it (Turtlemint) has taken great strides towards increasing insurance penetration in the country. I look forward to taking great leaps with Turtlemint and making it a leader in its space, both domestically as well as globally,” said Jaiin.
Jaiin, in his previous assignments, has built new distribution channels and partnerships with a focus on profitability and efficiency, Turtlemint said. Jaiin has also previously worked with financial services companies and banks like IndusInd Bank, Reliance Health insurance, Tata AIA Life Insurance and Canara HSBC Life.
“The journey hereon will be critical in helping us achieve our goals of improving insurance penetration and enabling seamless access to insurance products. With Navviin at the helm of business development, we are now geared for exponential growth,” said Dhirendra Mahyavanshi, Co-founder, Chief Executive Officer, Turtlemint.
Turtlemint had recently announced that it will be acquiring Pune-based startup IOPhysics Systems. The company said it was going to take over the company’s IOPhysics IP and product portfolio.
Founded in 2015 by former Quikr executives Mahyavanshi, Anand Prabhudesai and Kunal Shah, Turtlemint has a hybrid (online-offline) model that empowers insurance advisors across the country with digital tools to navigate an otherwise cumbersome offline selling process quickly.
Earlier this year, Turtlemint raised an undisclosed amount from Singapore-based Jungle Ventures as part of a Series D funding round.
In November 2020, the company raised $30 million as part of the same round led by Menlo Park, California-headquartered Venture Capital (VC) firm GGV Capital.
It had previously raised $25 million in a funding round led by Sequoia Capital in January 2019. In February 2016, it secured funding from Nexus and Blume Ventures.