Mumbai: Turtlemint, the largest insurance consultant focused on the Insuretech platform in India, has announced a ઇ 120 million fundraising in the Series E round led by Amansa Capital and Jungle Ventures Partners. Participants in the round also received new investors in the form of Vitruvian Partners and Marshall Vass. Turtlemint raises $ 120 million in Series E funding led by Amansa and Jungle Ventures.
As well as existing investors also participated. The company has raised a total of 190 190 million since its inception. The company intends to use the new funds to increase operations in new areas, increase the leadership team and strengthen its product.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is a digital platform designed to help financial advisors understand and distribute insurance to their client community. This platform helps financial advisors to suggest products tailored to the specific needs of each customer through digital solutions, thus eliminating the hassle of paperwork.
Turtlemint Advisors currently has 160,000+ insurance advisors who use Turtlemint’s platform in 15,000+ pincodes in India. Turtlemint’s advisory app is called TurtlemintPro, which will facilitate the POSPs on the panel by fully managing their insurance business using a simple mobile app.
In addition to selling a range of products such as Health, PA (Personal Accident), Motor Insurance, etc., the app has the potential to build strong relationships with customers by enabling consultants to share personal branded content and quotes. The app also offers mobile-based training and skills development programs for Turtlemint Academy department gate counselors.
The company has recently expanded operations by providing digital travel for insurance to banks and other distributors in the Middle East. The company plans to expand internationally, with the company also looking to expand into Southeast Asian markets.
In this regard, Dhirendra Mahyavanshi, Co-Founder of Turtlemint, said, “The insurance industry in India is on the cusp of change and we are proud to play a motivating role in this journey. Insurance is an important means of reducing risk, making it accessible to all.
However, we believe that accessibility is just one aspect of the insurance buying journey. Another equally important aspect is to make informed decisions. Our solutions have been designed with digital solutions in mind, enabling insurance consultants. Innovation and technology will continue to be an important center of turtlemint, as we continue to maintain our operations in tier 2, tier 3 cities and smaller areas.
While we have set a target of having 1 million + advisors on board by the year 2025, this will accelerate our growth in India as well as we will use our technology expertise to offer our solutions to financial institutions in both India and the Middle East. We have partnered with a leading bank for API-based solutions in the Middle East. “
Anand Prabhudesai, co-founder of Turtlemint, added, “India is at a particularly critical stage in terms of demand for health insurance products. Tier 2 and 3 cities will play a significant role in this demand. Individuals receive constant support during the purchase and claim journey so delivery to the last person will need to be enabled with the best technology.
We will empower our consultants with a variety of tools that will help them build their brand, generate leads and serve customers with confidence in the ever-growing digital world. When it comes to insurance needs, managing lifetime risks through appropriate insurance products and having a simple claim experience, we are making significant investments from new funding to provide the best customer experience. ”
Arpit Barry, Principal, Jungle Ventures, said: Turtlemint enables financial advisors with the information and tools needed to sell the best insurance products to more people in less time. In a strong and rewarding way, Turtlemint has co-created the future of insurance distribution in India and we are proud to be part of this journey with them. “
Peter Reed, partner at Vitruvian Partners, said: “We believe that Turtlemint Technology is at the forefront of bringing effective digital transformation to insurance in India by enabling consultants, bringing transparency and winning the trust of consumers. We are pleased to partner with a talented team in the next phase of its growth by facilitating insurance in Turtlemint and providing accessibility in India and abroad. ”
Anup Gupta, Managing Director, Nexus Venture Partners, said: Turtlemint is playing a pioneering role in transforming the insurance ecosystem in India with its tech-first approach. We look forward to seeing its significant contribution in expanding the reach of insurance in India. “