India's Turtlemint closes $120m Series D

Vitruvian Partners and Marshall Wace came in as new investors while unnamed existing backers re-upped, according to a statement. Turtlemint closed its Series D on USD 46m in March 2021 with support from Jungle, GGV Capital, American Family Ventures, MassMutual Ventures, and SIG. Earlier investors include Sequoia Capital India, Blume Ventures, Dream Incubator, and Trifecta Capital.

The company focuses on auto, motorbike, health, and term life insurance products. Its brokerage service is marketed as simple and jargon-free, allowing users to compare and sign up for plans with no paperwork in a matter of clicks. It sells about 12,000 policies a day and has achieved an annual revenue run rate of USD 380m, co-founder Dhirendra Mahyavanshi told Bloomberg.

Turtlemint operates through a network of more than 160,000 insurance advisors. Nearly three-quarters of its business comes from outside of India’s 30 largest cities. The company is keen to expand into new geographies, notably Southeast Asia and the Middle East. There are also plans to invest in distribution, underwriting, and claims technology.

“Our objective goes beyond increasing insurance penetration across India. We intend to change the way all of us think about insurance, too,” Turtlemint’s statement added.

Elsewhere in India’s insurance technology space, last year Acko, which claims to be the country’s only digital-native insurer, achieved unicorn status on closing a USD 255m round in October 2021. The valuation was more than double the previous round 12 months earlier. Other rivals include PolicyBazaar and RenewBuy. The former completed a domestic IPO last year.

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• Topics
• South Asia
• Expansion
• Financials
• Technology
• India
• Jungle Ventures
• Nexus India Capital Advisors
• Vitruvian Partners
• Financial Services
• insurance
• Growth capital