Online insurance marketplace Turtlemint has raised $25 million in its Series B round led by Sequoia India. Existing investors Blume Ventures and Nexus Venture Partners also participated in the Mumbai-based startup’s latest funding round.
Turtlemint intends to scale up operations and increase the number of on-field agents to 300,000 for pin code level penetration. As of now, the startup claims to have 25,000 trained agents on its platform who help consumers to choose the best insurance product for them.
Launched in 2015, it had raised $2.5 million in Series A round from the aforementioned investors in 2016.
A brainchild of former Quikr executives Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint caters insurance products in vehicle, life and health categories. Till date, it made over 20 lakh customers across 700 cities.
The startup’s 70 per cent offering is from motor category while the rest constitute of health and life insurance products.
At present, Turtlemint feature products of over 20 insurance firms including Bharti Axa, Reliance General Insurance, Apollo Munich, and Tata AIG among others. By the end of November 2018, it had clocked an annual sales run rate of Rs 600 crore. At that time, it claimed to sell 2,000 policies per day.
Policybazaar and Coverfox are the direct competitors of Turtlemint in this segment.
The development comes after two months when the largest VC of India was reportedly investing in two fintech firms namely Turtlemint and Smallcase. Backed by Zerodha, Smallcase is a unique thematic investment platform where investors invest in a portfolio based on the theme of the stocks, such as GST Opportunity.
The development was reported by ET.