Indian Insurtech platform Turtlemint closes Series D at $46m after Jungle Ventures funding

Photo: Reuters

InsurTech platform Turtlemint said it has raised funding from Singapore-based Jungle Ventures, its first investment in the category, bringing the startup’s Series D fundraising to a close at $46 million.

The funds will be used to boost insurance distribution and innovation in India, the company said in a statement.

“This is our first investment in the Insurance tech space in India and we are very excited to partner with the team at Turtlemint. Micro entrepreneurs are the backbone of the Indian economy and we see Turtlemint playing a huge role in making them more digitally inclusive. India lags behind in improving the depth and breadth of insurance coverage and the recent initiatives by the government are in the right direction,” said Amit Anand, Founding Partner, Jungle Ventures.

Founded in 2015, by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint has developed a network of over 1,00,000 insurance advisors that cater to more than 1.5 million customers in over 5,000 metros, cities and towns. It has partnerships with 30+ leading Indian insurance providers that include HDFC Life Insurance, HDFC Ergo, ICICI Lombard, New India Assurance, Reliance General Insurance, and new age entities like Go Digit.

“The funds raised would be utilised to further strengthen the Turtlemint platform by adding user-friendly new-age insurance products, developing engaging content for customer education, and enabling digitisation across all models of distribution – traditional and new. We have an endeavour to serve 50 M + customers in the next 5 years and we are on track to achieve the same,” said Anand Prabhudesai, Co-Founder, Turtlemint.

According to the company, the covid-19 pandemic has boosted overall consumer awareness and demand for health insurance and term life insurance.

“From this period onwards, we have seen our partners wholeheartedly embrace the digital platform and solutions, resulting in a 2.5x boost to their business. Our PoSP partners have made digital sales very effective in pandemic times,” said Dhirendra Mahyavanshi, co-founder of Turtlemint.

Jungle Ventures’ portfolio includes internet and software companies in India like Moglix, Livspace, TookiTaki and BookMyShow. It also recently led a Series B funding round of $10 million for Betterplace, India’s largest blue-collar workforce management platform.

The article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.