Proceeds from the funding round will be used by the company for enhancing its distribution and scaling up its platform
Turtlemint, an Indian insurtech company, has raised $30m in a new financing round led by US-based venture capital firm GGV Capital.
The Mumbai-based company also secured investments from American Family Ventures, MassMutual Ventures, and SIG during the funding round.
Turtlemint’s existing investors Sequoia Capital India, Nexus Venture Partners, Blume Ventures, Trifecta Capital, and Dream Incubator also participated.
The insurtech company’s co-founder Dhirendra Mahyavanshi said that the proceeds will be utilised for boosting its distribution and scaling up its platform.
Currently, the company has 100,000 partners who work as point-of-sales-persons to sell insurance products.
Mahyavanshi said: “Due to coronavirus, there is a rise in awareness of insurance and segments like health insurance have seen a jump. The funding will help us expand this business.”
Founded in 2015, Turtlemint provides an online platform for users to compare plans of insurance companies such as Aegon Life, Bajaj Allianz, HDFC Ergo, Reliance General Insurance, Royal Sundaram General Insurance, and others.
The company said that the platform can be used for buying the suitable insurance plans at the best prices through a few clicks without involving any paperwork.
Turtlemint’s platform is also said to have tools like mobile customer relationship management (CRM) for handling customers, video content to help advisors to educate customers, and also social media marketing features.
According to Mahyavanshi, the company’s focus will be on offering personal lines of business for retail customers. The company offers products related to car insurance, bike insurance, and life and health insurance.
Operated by Invictus Insurance Broking, Turtlemint was started in 2015. In early 2019, the insurtech company raised $25m in a funding round led by Sequoia India.