Online-based insurance advisor Turtlemint has raised US $ 46 million (approximately Rs.335 billion) from a group of investors led by Jungle Ventures.
Other investors in the last round are GGV Capital, American Family Ventures, Mass Mutual Ventures and SIG as well as the existing investors Sequoia Capital India, Blume Ventures, Nexus Venture Partners, Dream Incubator and Trifecta Capital, the company announced on Tuesday.
Turtlemint was founded in 2015 and has a PoSPs (Point of Sale Persons) network of over 1 lakh serving over 1.5 million customers at 5,000 locations. The company said it will use the money from the Series D funding round to expand its sales reach and develop more innovative products as well.
This marks the first insurance technology investment in the country for Singapore-based venture capital fund Jungle Ventures, said founding partner Amit Anand.
Dhirendra Mahyavanshi, co-founder of Turtlemint, said they had focused on equipping PoSPs with technology that would enable them to advise consumers on the right products.
We would continue to focus on expanding our sales to the most remote areas and further deepening our presence in existing locations, he said.
Another co-founder, Anand Prabhudesai, said the fund will be used to further strengthen the platform by adding user-friendly products, developing engaging content for customer education, and enabling digitization across all sales models, both traditional and new.
He said they plan to serve over 50 million customers in the next five years.
Turtlemint is a hybrid platform that seamlessly combines the offline and online insurance sales model and has partnerships with over 30 insurers, including HDFC Life, HDFC Ergo, ICICI Lombard, New India Assurance, Reliance General and Godigit.
Jungle Ventures’ Indian portfolio includes Moglix, Livspace, Paysense, Builder, Tookitaki and Bookmyshow.
The company recently led a $ 10 million Series B financing round for Betterplace, the blue-collar workforce management platform. In total, the company has invested in over 35 companies in eight countries in Southeast Asia and India.