Turtlemint Insurance Services Pvt Ltd, which runs insurtech platform Turtlemint, on Friday said it has raised $120 million (Rs 918 crore) in a Series E round led by Amansa Capital, Jungle Ventures and Nexus Venture Partners.
New investors Vitruvian Partners and Marshall Wace, along with other existing investors participated in the funding, said Turtlemint in a statement, without disclosing its valuation details.
Earlier this year, VCCircle reported that Turtlemint was in talks to raise its Series E funding round at a unicorn valuation.
A unicorn is a privately-held startup with a valuation of over $1 billion.
A source close to the development told VCCircle that the latest funding round was raised at a valuation of over $900 million.
The statement said that Turtlemint, which was founded in 2015 by former Quikr executives, Dhirendra Mahyavanshi, Anand Prabhudesai and Kunal Shah, has raised $190 million in funding so far.
The startup raised its first institutional funding from Blume Ventures in 2015.
The platform will use the fresh capital to expand in new geographies and strengthen its product stack.
It recently expanded in the Middle East and its plans to expand in the Southeast Asian markets as well. Part of the funds will also be used to boost its leadership team.
To add heft to its top management, Turtlemint roped in Bajaj Allianz’ Executive Vice President Navvin Jaiin as its Chief Business Officer in December last year.
The appointment was crucial as the company is expanding its presence across multiple business verticals and ensuring universal insurance.
Turtlemint has a hybrid (online-offline) model that it says empowers insurance advisors across the country with digital tools to navigate an otherwise cumbersome offline selling process quickly. The startup currently has over 160,000 insurance advisors using the Turtlemint platform in more than 15,000 pin codes in India.
Dhirendra Mahyavanshi, Co-founder, Turtlemint, said in the statement that it targets to onboard more than 1 million advisors by 2025.
"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," added Mahyavanshi.
Anand Prabhudesai, Cofounder, Turtlemint, noted that tier II and III cities will account for a significant portion of the demand for health insurance products.
"As individuals continue to seek assistance during purchase and claim journeys, the last-mile distribution needs to be empowered with the best technology. This is what our offline-online strategy solves for customers," added Prabhudesai.
The insurtech firm also bought Pune-based startup IOPhysics Systems in its maiden acquisition last year.
New-age insurance companies have attracted a slew of early stage and growth funding lately. While Digit Insurance and Acko turned unicorns with their funding last year, digital insurance platform RenewBuy also raised significant capital in 2021.
According to a joint report by Boston Consulting Group (BCG) and India Insurtech Association (IIA), funding in Indian insurtech companies more than doubled to $800 million in 2021.
