Turtlemint, an insurtech startup, has raised $120 million in its Series E funding round led by Amansa Capital, Jungle Ventures and Nexus Venture Partners. 

The funding round also saw participation from new backers- Vitruvian Partners and Marshall Wace, along with other existing investors.

 As per the startup, the freshly raised funds will be used to expand in new geographies, scale its leadership team and strengthen its product line.

Turtlemint | Sell Insurance The Smart Way

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is a Mumbai-based online insurance platform that presently offers car insurance, bike insurance, health insurance & term life insurance.

The insurtech platform also helps advisors educate customers and recommend products that are best suited to meet their requirements, thus enabling them to purchase insurance seamlessly.

Speaking about the development, Anand Prabhudesai, Co-founder of Turtlemint, 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.”

The insurtech startup has closed the current financing round at a $900-950 million valuation, raising $190 million to date, including this current round.

Turtlemint has on board 160,000 insurance advisors across 15,000 pin codes in India. It targets to onboard more than 1 million advisors by 2025, further accelerating its pace of growth in the country. Recently, the insurtech startup expanded into the Middle East, and now as per the startup, it will look to expand into new geographies, like Southeast Asia.

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