Turtlemint, India’s largest insurance advisor focused insurtech platform, has announced a $120M Series E fundraise led by Amansa Capital and Jungle Ventures. The round also saw participation from new investors Vitruvian Partners and Marshall Wace, along with other existing investors. This brings the total funding raised by the company since inception to $190 M. The company intends to use the fresh funds to expand in new geographies, scale its leadership team and strengthen its product stack.
Recently, the company also expanded in the Middle East by providing digital journey for insurance to banks & other distributors. As the company plans on international expansion, they are looking to expand in South East Asian markets as well.
Speaking on the development, Dhirendra Mahyavanshi, Co-founder, Turtlemint said,
“The insurance industry in India is at the cusp of transformation and we are proud to be playing a catalytic role in this journey. Insurance is an important risk mitigation tool that needs to be universally accessible. However, we believe that access is only one aspect of the insurance purchase journey. Another equally important aspect is informed decision making. Our solutions are designed to holistically enhance both these aspects through digital solutions that empower insurance advisors. Innovation and technology will continue to be the core focus of Turtlemint as we continue to increase our footprints in tier 2, tier 3 cities and beyond.
While we target to onboard 1 million+ advisors by 2025 further accelerating our pace of growth in India, we are also leveraging our technology expertise to offer our solutions to financial institutions both in India as well as the Middle East where we partner with leading banks for API based solutions.”
