Mumbai:
Tech-based Indian insurance distribution platform Turtlemint has closed a $ 30 mn funding.
The Mumbai-headquartered startup’s Series D, was led by GGV Capital . American Family Ventures, MassMutual Ventures and SIG; existing investors Blume Ventures, Sequoia Capital India, Nexus Venture Partners, Dream Incubator and Trifecta Capital also participated in the round, which brings Turtlemint’s total to-date raise to $55 million.
Turtlemint has 100,000 insurance agents , equipped with digital tools to offer wider and more relevant recommendations to consumers and speed-up the onboarding process playing a critical role in bridging the gap in tier 2 and 3 towns and cities, where low physical presence of insurance companies greatly impacts seamless access to insurance products and information,” the startup said.
Turtlemint works with over 40 insurance companies in India and serves as a broker, charging these firms a commission for policies it sells. The startup said it has amassed more than 1.5 million customers.
“By developing products for the micro-entrepreneurs and the rising middle class, Turtlemint has an opportunity to have a positive impact on India’s economy,” said Hans Tung, managing partner at GGV Capital, in a statement.
Turtlemint was launched three years ago by Dhirendra Mahyavanshi (IIM Calcutta alumnus) and Anand Prabhudesai (IIT Bombay and Chicago Booth alumnus). The founding team has rich experience in the insurance sector as well as in building and scaling consumer Internet businesses, having held operational roles in companies such as ICICI Lombard, Yahoo, eBay and Nokia.