Insurance Advisory Platform Turtlemint Raise $120M Funding In Series E Round
The company plans to invest the freshly acquired funds to scale its leadership team, strengthen its product stack and expand to new geographies
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Insurance tech platform Turtlemint has announced a $120 million Series E fundraise. The funding was led by Amansa Capital, Jungle Ventures and Nexus Venture Partners and also saw participation from new investors Vitruvian Partners and Marshall Wace, along with other existing investors.
The company plans to invest the freshly acquired funds to scale its leadership team, strengthen its product stack and expand to new geographies.
The company gives a digital platform to help financial advisors understand and distribute insurance to their community of customers. It was founded by 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai.
Now, six years since the company's inception, the company has been able to host over 160,000 insurance advisors on their platform. They plan to expand this number to over 1 million by 2025.
As of now, the Thane-based company has made footprints in the Middle East. It is looking to touch southeast Asian markets in the near future.
Dhirendra Mahyavanshi, co-founder, Turtlemint said, "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 2, tier 3 cities and beyond."
Mahyavanshi headed sales for Quickr before setting up Turtlemint, while his co-founder Prabhudesai was VP-Mobile for the company. There are no other indigenous insurance tech companies set up in India, making the duos venture stand out in the space, claims the startup.
Arpit Beri, Principal, 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 & tools needed to sell better insurance products to more people in less time. In a profound & exciting way, Turtlemint is co-creating the future of insurance distribution in India, and we are proud to be on this journey with them."
ALSO READ: Bridging The Gap In Insurance