Turtlemint raises $46M in fresh fundraising round from Jungle Ventures
Turtlemint, a Mumbai-based insurtech startup, has reportedly raised around $46 million in a Series D fundraising led by Singapore-based venture capital firm, Jungle Ventures. This funding round will mark the 1st investment made by the VC firm in the insurtech category.
Over the past years, Jungle Ventures has invested in various internet & software companies like Moglix as well as blue-collar workforce management platforms like Betterplace. Apart from the recent funding from Jungle Ventures, the Mumbai-based company has secured $30 million in its Series D round from SIG, MassMutual Ventures, American Family Ventures, and GGV Capital. To date, the company has raised $69 million.
Turtlemint has announced plans to utilize the latest fund in driving its reach in existing geographies, expanding in new locations, enhancing product capabilities, marketing, and expanding distributor network over the next 18 months. Founded in 2015, the company has successfully developed a network of around 100,000 insurance advisers to serve more than 1.5 million customers in nearly 5,000 metro cities and towns.
According to Anand Prabhudesai and Dhirendra Mahyavanshi, Founders of Turtlemint, the ongoing COVID-19 pandemic has led to an increased adoption of life insurance, with its penetration among the middle-class group just being 0.4%. Furthermore, the startup has been witnessing a 600% growth in health insurance in 2020, as well as the accelerating purchase of term life insurances. In a shift from the standard view of using insurance for taxing saving or as an investment product, the middle-class population is presently purchasing the term life insurance for risk protection, Mr. Mahyavanshi added.
However, the overall insurance reach in India still remains low.
Turtlemint provides health, bike, car, and life insurance from nearly 30 providers such as Reliance General Insurance, New India Assurance, ICICI Lombard, HDFC Ergo, HDFC Life Insurance, and new-age companies such as Go Digit. Insurance agents or micro-entrepreneurs adopt this Android mobile & web application to distribute insurance & other allied products.
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Pankaj Singh
Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With experience in technical and niche w...