Turtlemint insurance biz’s revenue surges 3.2X to Rs 505 Cr in FY24

Insurtech company Turtlemint raised $120 million in its Series E round at the beginning of FY23. This substantial funding brought its insurance business closer to achieving unicorn status and contributed to its growth, more than tripling its scale during the last fiscal year. Moreover, Turtlemint maintained profitability throughout the same period.

Turtlemint’s insurance arm revenue from operations surged 3.2X to Rs 505.05 crore in FY24, the company’s annual financial statement filed with the Registrar of Companies shows. It also recorded other income, which includes interest and other financial gains, of only Rs 1.48 crore, taking the total revenue to around Rs 506.5 crore in the last fiscal year.

This growth can be attributed to its expanding customer base and increased insurance broking activities across motor, health, life, and general insurance segments. The Thane-based company claims to have facilitated over Rs 2,000 crore in premiums over the past year alone.

Besides its core business of insurance, Turtlemint is expanding its enterprise services through its SaaS vertical, Turtlefin (Fintech Blue Solutions Pvt Ltd), to serve banks, non-banking financial companies, and e-commerce firms.

To check complete Revenue Breakdown visit thekredible.comView full data

Coming to expenses, Turtlemint’s total expenses increased by 3.3X to Rs 498 crore in FY24. As per the company, the increase was due to the 11x rise in POSP commission which accounted for 61% of the total expense at 305 crore in FY24. Employee benefit expenses amounted to Rs 1,179.8 crore​ in FY24 increasing by 82% from Rs 65.8 crore in FY23.

The Peak XV-backed company recorded a net profit of Rs 6.22 crore, slightly down from Rs 6.28 crore in the previous fiscal year​.

Founded by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint has partnered with more than 45 insurers including Reliance General Insurance, Bajaj Allianz, Digit and ICICI Lombard. The company faces competition from players like Policybazaar and Coverfox. While Turtlemint is solely focused on agents, Policybazaar and Coverfox deal directly with customers.

According to startup data intelligence platform TheKredible, Turtlemint has raised $190 million to date and was valued at around $900 million during the last equity round. Nexus and Peak XV are the largest stakeholders in the company with 24% and 20.83% holding respectively. Check TheKredible for more details.