Turtlemint Funding: Insurtech Startup Turtlemint Raises $120M As Valuation Passes $900M

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 funding round at a valuation of $900-950 million, a person familiar with the matter said. The fundraiser also saw the participation of new sponsors Vitruvian Partners and Marshall Wace, along with other existing investors.

Turtlemint intends to use the fresh funds to expand into 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 client community. Their goal is to help these advisors meet the individual needs of each client by providing digital solutions.

Prabhudesai said in a prepared statement: “India is at a critical time, particularly in terms of demand for health insurance products. Tier II-III cities will account for a significant part of this demand…As people continue to seek assistance during the purchase and claims, last mile distribution needs to be enhanced 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 be looking to expand into new geographies, such as Southeast Asia. It recently expanded to the Middle East.

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

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