Turtlemint raises $120 Mn in Series E round

Insuretech platform Turtlemint has scooped up $120 million in its Series E round led by Amansa Capital, Jungle Ventures and Nexus Venture Partners.  The financing round also saw participation from existing and new backers such as Vitruvian Partners and Marshall Wace.

The Thane-based startup had closed its Series D  round at $46 million in March last year. It has raised $190 million to date. While the company did not disclose its valuation, an ET report estimates it around $900-950 million. It’s worth mentioning that the company was reportedly in talks to raise a new round at a unicorn valuation.

Turtlemint will use the proceeds to expand in new geographies, scale its leadership team and strengthen its product line, said the company in a press release.

Seven-year-old 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.

Founded by Dhirendra Mahyavanshi and Anand Prabhudesai, the company has partnered with more than 45 insurers including Reliance General Insurance, Bajaj Allianz, Digit and ICICI Lombard and has onboarded 160,000 insurance advisors across 15,000 pin codes in India.

The company competes with Policybazaar (now a public company) and Coverfox but unlike these two companies, Turtlemint is solely focused on agents. Policybazaar and Coverfox directly deal with customers, not agents.

For the fiscal year ending on March 31, 2021, Turtlemint’s operating revenue jumped 35% to Rs 63 crore. However, its profit dwindled by 55% to Rs 1.62 crore in FY21 from Rs 3.58 crore in FY20. Still, the company has differentiated itself from several growth-stage startups which are yet to taste profitability. As per our data tracking platform Fintrackr’s analysis, 96% of the company's total operating income in FY21 came from commission and brokerage.

According to the company, it’s on track to generate $54 million (Rs 400 crore) in revenue in FY22.