Insurtech platform Turtlemint has secured $30 million in its Series D round led by GGV Capital. American Family Ventures, MassMutual Ventures and SIG along with existing investors Sequoia Capital India, Blume Ventures, Nexus Venture Partners, Dream Incubator and Trifecta Capital also participated in the round.
The fresh funds will be utilised to bolster its product and expand into tier II and tier III towns and upskill advisors and customers through training and content, said the company in a press statement.
In January last year, Sequoia India had led a $25 million worth Series B round in the Mumbai-based five-year-old firm. It’s worth noting that the timeline of the company’s Series C round couldn’t be ascertained.
Founded by ex-Quikr executives Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint connects advisors and customers through its marketplace. Unlike PolicyBazaar, the platform complements advisors and helps them to grow their reach. It offers third party insurance products across categories like vehicle, life and health.
It has partnered with 40 insurers including Reliance General Insurance, Bajaj Allianz, Digit and ICICI Lombard and claims to serve more than 1.5 million customers. The company directly competes with Policybazaar and Coverfox and to some extent with Bankbazaar.
PolicyBazaar has emerged as the leader in the insurance aggregation space. SAIF Partners-backed Coverfox seems to have lost the plot as existing backers have shied away to put more capital in the firm. Early this year, its co-founder and chief executive along with the chief technology officer resigned.
To cope up with the impact of Covid-19 pandemic, Turtlemint had cut costs and slashed salaries of about 750 employees. Entrackr had exclusively reported the development in April.