Insurtech platform Turtlemint has officially closed its series D round by attracting more funds from Singapore based VC Jungle Ventures. With the latest capital infusion, the Mumbai based startup has raked a total of $46 Mn in the Series D round. Turtlemint had raised $30 Mn in November last year.
The investment marks Jungle Ventures first ever investment in India’s burgeoning insurtech space. Jungle Ventures was recently in news for appointing Shunwei Capital’s VP Arpit Beri for spearheading its India fund.
Amit Anand, Founding Partner, Jungle Ventures said “this is our first investment in insurance tech space in India and we are excited to partner with the team at Turtlemint. Micro entrepreneurs are the backbone of the Indian economy and we see Turtlemint playing a huge role in making them more digitally inclusive. India lags behind in improving the depth and breadth of the insurance coverage and the recent steps by the Indian are in right direction.”
Commenting on the latest fund infusion, Anand Prabhudesai, co-founder Turtlemint said “the funds raised will be utilized for strengthening the Turtlemint platform by adding user friendly new age insurance products, developing engaging content for customer education and enabling digitization across all models of distribution – traditional and new. We’ve endeavor to serve 50 M+ customers in next 5 years and we are on a track to achieve the same.”
The Mumbai based startup is backed by the who’s who of India’s VC world including Sequoia Capital, Blume Ventures, Nexus Venture Partners and Trifecta Capital.
Turtlemint is essentially an insurance aggregator platform that deals in four major verticals including car, bike, health and life. As the per the claim made on company’s official website, it has so far sold more than 10 lakh policies and processed 15 crore claims.
Meanwhile, off late India’s online insurance sector has been witnessing frenetic activities in an apparent sign of untapped opportunities in the sector. From Acko insurance’s $60 Mn fundraising to Paytm’s entry in the insurance space, the sector is witnessing heightened activities like never before.