Insurtech platform Turtlemint has closed its Series D round at $46 million with fresh investment from Singapore-based Jungle Ventures.
In November, the Mumbai-based company had raised $30 million in its Series D round led by GGV Capital in participation with American Family Ventures, MassMutual Ventures, SIG and others.
According to the company, it will deploy the fresh proceeds towards growing its distributor network in the next 18 months, ramping up its reach, building product capabilities, and marketing. Currently, Turtlemint claims to have developed a network of over 100,000 insurance advisers with more than 1.5 million customers in over 5,000 cities.
Founded by ex-Quikr executives Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint connects advisors and customers through its marketplace and offers third party insurance products across categories like vehicle, life and health. The platform also complements advisors and helps them to grow their reach.
The company has partnered with 40 insurers including Reliance General Insurance, Bajaj Allianz, Digit and ICICI Lombard.
The company directly competes with Policybazaar and Coverfox and to some extent with BankBazaar.
To cope with the impact of the Covid-19 pandemic, Turtlemint had cut costs and slashed salaries of about 750 employees in April of 2020. It’s worth noting that Turtlemint is one of the rare growth-stage startups in the insurance segment to report profitability in two consecutive fiscal years.
According to Turtlemint’s regulatory filings, it posted a profit of Rs 3.6 crore in FY20 and Rs 12 lakh in the previous fiscal year. The company also recorded a 2X surge in revenue from operations to Rs 46.8 crore in FY20. During the period, the total expenses were recorded at Rs 42.21 crore.
Policybazaar, one of the largest online insurance broking companies, saw its operating revenue grow by 66.3% to nearly Rs 516 crore in FY20 with a loss of Rs 218 crore.