Mumbai-based online insurance platform Turtlemint on Wednesday announced that it has raised $30 million (Rs 225 crore) in a new funding round led by GGV Capital.
The round also saw the participation of some new investors like American Family Ventures, MassMutual Ventures and SIG, along with existing investors including Sequoia Capital India, Blume Ventures, Nexus Venture Partners, Dream Incubator, and Trifecta Capital.
According to an official statement, Turtlemint will use the fresh funding to grow its network of advisors and improve its technology stack to further improve the experience for consumers.
Commenting on the investment, Hans Tung, Managing Partner at GGV Capital said,
“By developing products for the micro-entrepreneurs and the rising middle class, Turtlemint has an opportunity to have a positive impact on India’s economy. Dhirendra, Anand and their team built an incredible platform that enables over 100K mom-and-pop financial advisors to serve consumers’ interests with digital tools, helping middle-class families in India get insured with the best products available."
"We are proud to be joining the team in this time of global pandemic when digital solutions for sustaining and securing livelihoods is a critical need across the country,” he added.
Turtlemint was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai. It is a deep tech platform that helps advisors educate customers and recommend products that are best suited to meet their requirements, enabling them to purchase insurance seamlessly.
Speaking about the development, Dhirendra Mahyavanshi said, "For over five years, Turtlemint, through its PoSP (Point of Sales Person) model, has been empowering insurance advisors in 5,000+ metros, cities, and towns across India. Apart from the ease of doing business, sales growth is crucial for an advisor. The Turtlemint platform enables this through tools like a mobile CRM to manage customers, a repository of video content that they can use for customer education, and social media marketing features for driving insurance awareness."
The startup has also created an online education product with a wide range of courses on financial products, advice-based sales techniques and other soft skills. It is now available in seven regional languages and 20,000+ learners are active each month on our edtech platform according to the startup.
The platform claims to partner with 40+ insurers, and serves more than 1.5 million customers.
Edited by Megha Reddy