Turtlemint, has raised $120 million, to onboard over a million advisors by 2025, further accelerating our pace of growth in India. The Series E funding round was led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners.
The Mumbai based insurance advisory company plans to invest the fresh funds to widen its reach into new geographies, scale its leadership team and strengthen its product stack.
“We enable our advisors with various tools, which help them build their brand, generate leads and service customers with confidence in an increasingly digital world. With the new funding we are going to invest significantly in creating superior customer experience when it comes to understanding insurance requirements, managing life-long risks through the right insurance products and getting a smooth claims experience.”
Anand Prabhudesai, Co-founder, Turtlemint said.Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is a digital platform designed to help financial advisors understand and allows them to insure their community of customers. It enables financial advisors to instantly match each customer with a suite of products that is best suited for their unique needs, through a digital solution thereby removing the hassles of paperwork.
Dhirendra Mahyavanshi, Co-founder, Turtlemint said, “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-II, III cities and beyond.”
The round also saw participation from new investors including Vitruvian Partners and Marshall Wace, along with other existing investors. This brings the total funding raised by the company since inception to $190 million.
“While we target to onboard over a 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,” Mahyavanshi added.
Turtlemint claims 160,000 Plus Insurance Advisors
The Turtlemint advisor community today claims to have 160,000+ insurance advisors using the Turtlemint platform in 15,000+ pin codes in India. Turtlemint’s advisor app — branded as TurtlemintPro — allows empaneled PoSP advisors to fully manage their insurance business using a simple mobile app.
Beside selling a range of products across health, life, PA (personal accident), motor insurance, etc; the app also provides advisors the ability to build stronger customer relationships by enabling sharing of personalised branded content and quotes. It also offers a mobile based training and skill development programme for advisors through the Turtlemint Academy section on the app.
