Insurtech startup Turtlemint bags $120 million as valuation tops $900 million

Bangalore/Mumbai: Insurtech startup Turtlemint has raised $120 million led by Amansa Capital, Jungle Ventures and Nexus Venture Partners, the company said on Friday. The online platform for buying insurance has closed the current financing round at a $900-950 million valuation, said a person in the know. The fundraise also saw participation from new backers Vitruvian Partners and Marshall Wace, along with other existing investors.

Turtlemint intends to use the fresh funds to expand in new geographies, scale its leadership team and strengthen its product line.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Mumbai-based Turtlemint is a platform that helps financial advisors understand and distribute insurance to their community of customers. It aims to assist these advisors to cater to the individual needs of each customer by providing digital solutions.

Prabhudesai said in a prepared statement, “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.”

The company has raised $190 million to date, including this current round. Turtlemint said it will look to expand into new geographies, like Southeast Asia. Recently it expanded into the Middle East.

The insurance startup has on board 160,000 insurance advisors across 15,000 pin codes in India.

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