Turtlemint raises $120 million in Series E funding

Turtlemint Insurance Services Pvt Ltd, which runs insurtech platform Turtlemint, recently raised $120 million (Rs 918 crore) in a Series E round led by Amansa Capital, Jungle Ventures and Nexus Venture Partners.  

New investors including Vitruvian Partners and Marshall Wace, along with other existing investors like Dream Incubator, participated in the funding. This raises the company’s total investment to $190 million since its inception. Turtlemint was valued at over $900 million in the most recent funding round. 

Turtlemint, a Mumbai based insurtech, is designed to help financial advisors distribute insurance to their community of clients. It was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai.  

Turtlemint’s hybrid (online-offline) model enables insurance advisors across the country to navigate the otherwise cumbersome offline selling process quickly and easily with digital tools.  

The startup currently has over 160,000 insurance advisors using the Turtlemint platform in more than 15,000 pin codes in India.  

Anand Prabhudesai, Co-Founder, Turtlemint in a statement, said,  

“India is at a critical juncture, particularly in terms of demand for health insurance products. Tier II-III cities will account for a significant portion of this demand. 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.”  

Dhirendra Mahyavanshi, Co-founder of Turtlemint, added that they target 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.”  

The company is trying to expand in South East Asian markets as part of its international expansion goals. The new funds will be used to grow into new geographies, scale the leadership team, and improve the product stack.