Turtlemint, a Mumbai-based insurance-technology platform, has raised $30 million in a Series D funding round led by global venture capital firm GGV Capital.
Other investors American Family Ventures, MassMutual Ventures and SIG, along with existing investors Sequoia Capital India, Blume Ventures, Nexus Venture Partners, Dream Incubator and Trifecta Capital participated in the round.
Founded in 2015 by Anand Prabhudesai, Dhirendra Mahyavanshi and Kunal Shah, Turtlemint enables advisors to offer relevant insurance products to customers. It has 100,000 partners who are point-of-sales-persons selling insurance products.
“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,” co-founder Dhirendra Mahyavanshi said.
Hans Tung, Managing Partner, 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.”
Anand Prabhudesai, co-founder, Turtlemint, said, “The platform has created an online education product with a wide range of courses on financial products, advice-based sales techniques and other soft skills. This content is now available in 7 regional languages and more than 20,000+ learners are active each month on their edtech platform.”
“A lot of these are first-time advisors who are taking their first steps towards starting their advisory business. Our target is to create a million successful financial entrepreneurs over the next 3-5 years,” he added.
Turtlemint previously raised a $25 million funding round led by Sequoia India in early 2019. Existing investors Nexus Venture Partners and Blume Ventures had also participated in that round.
“Turtlemint is enabling a distributed workforce of 100,000 advisors through a flexible, full-stack technology architecture,” said Charles Svirk, principal at MassMutual Ventures. “Their approach significantly reduces costs and allows for instrumented analysis in real-time, transforming insurance distribution as we know it.”
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