Mumbai-based online insurance marketplace Turtlemint has raised ₹175 crores ($25 million) in its series B round from existing investors Sequoia Capital India, Blume Ventures and Nexus Venture Partners. The startup plans to use the freshly raised capital for increasing the number of on-field agents to 3,00,000 and scale up its operations by penetrating at the pin code level.
Founded in 2015 by Quikr executives Dhirendra Mahyavanshi and Anand Prabhudesai, the startup claims to have 25,000 trained agents on its platform who help customers choose from the best insurance product for them. Till date, Turtlemint has catered to over 20 lakh customers across 700 cities in India. The startup’s 70 per cent offer is from motor category while the rest constitute of health and life insurance products.
Earlier in November 2018, the startup raised ₹42 crores ($6 million) in a venture round from Sequoia Capital India. Prior to that, the Turtlemint raised an undisclosed amount in a seed funding round from Nexus Venture Partners and Blume Ventures in February 2016. Till date, the startup has raised ₹217 crores ($31 million) in three funding rounds.
With partners like Bharti AXA, Apollo Munich, Reliance General Insurance and Tata AIG, the startup feature products from over 20 insurance firms. Till November 2018, the startup clocked an annual sales run rate of ₹600 crores and sold almost 2,000 policies every day.
Turtlemint competes with Policybazaar and Coverfox. Coverfox has raised ₹290.5 crores ($41.5 million) in total funding from investors like Catamaran Ventures, IFC, Transamerica Ventures, SAIF Partners, NuVentures and Accel. Policybazaar has raised ₹2,426.2 crores ($346.6 million) in total funding from Temasek, SoftBank, Info Edge, Chiratae Ventures, PremjiInvest, Tiger Global Management and Wellington Management.
The development was reported by ET.