Sequoia-backed Indian insurtech firm secures $120m in series E money

Turtlemint, an India-based insurtech startup, has raised US$120 million in a series E round co-led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners.

The Turtlemint team / Photo credit: Turtlemint

The round, which reportedly values the firm at US$900 million, saw the onboarding of Vitruvian Partners and Marshall Wace as new investors.

Turtlemint aims to make it easier for financial advisors to connect and distribute insurance to their community of customers. The platform has more than 160,000 insurance advisors at present, and it aims to have more than 1 million by 2025.

The company was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai – former executives of Quikr, an online marketplace and classified advertising company.

In a statement, Mahyavanshi said that “innovation and technology will continue to be the core focus of Turtlemint” as it works to increase its footprint, not just in Tier 2 and Tier 3 cities but also in other areas.

The insurtech startup intends to use the fresh funds to expand into new markets. It recently entered the Middle East and is eyeing the Southeast Asia next.

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Turtlemint closed a US$46 series D round in March 2021. The round saw participation from Jungle Ventures, GGV Capital, Nexus Venture Partners, Trifecta Capital, and other investors.

To date, Turtlemint has raised US$190 million from different rounds of funding.