Turtlemint, an Insurtech startup, has raised $120 million in funding round from Amansa Capital, Jungle Ventures, and Nexus Venture Partners.
Many investors including existing and new backers like Vitruvian Partners and Marshall Wace, also participated in this round.
After this round, the valuation of the company is believed to have increased to about $ 900 million.
The company plans to use the funds to expand into new geographies, grow its leadership team, and strengthen its product line.
The Mumbai-based Turtlemint was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, It is a platform that helps financial advisors understand and distribute insurance to their community of clients.
The startup aims to help these consultants meet the individual needs of each client by providing digital solutions.
“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”, said, Anand Prabhudesai, founder of Turtlemint.
The startup said it would like to expand into new geographies such as Southeast Asia. Recently it expanded to the Middle East region.
The company has 160,000 insurance consultants in 15,000 pin codes across India. The company has raised $190 million so far with the current round.
Turtlemint makes it easy to understand and buy insurance. Their intent is to “demystify” insurance by explaining the jargon in a simple way and providing smart tools to help a user make the right choice. From search to purchase, the entire process can be completed online in just a few clicks!
They also have a team of friendly insurance advisors available on chat, phone, and in-person to help users with the purchase and claim services. They currently offer Car insurance, bike insurance, health insurance & term life insurance.