Indian InsureTech platform Turtlemint raises USD 30 million

By Edil Corneille

Mumbai-based Turtlemint announced today that it has secured USD 30 million (INR 2.25 billion) in a round led by GGV Capital. New investors American Family Ventures, MassMutual Ventures and SIG, along with existing investors Sequoia Capital India, Blume Ventures, Nexus Venture Partners, Dream Incubator and Trifecta Capital participated in the round.

Launched in 2015, Turtlemint is a deep tech platform that helps advisors educate customers and recommend products that are best suited to meet their unique requirements, thereby enabling them to purchase insurance seamlessly.

Turtlemint does this by providing a wide variety of product offerings and a customized recommendation tool through a mobile app. In addition, the platform allows for instant online issuance, making the purchase process across 40+ insurers transparent and paperless, while reducing the average turnaround time to less than 10 minutes.

Turtlemint Co-Founder, Dhirendra Mahyavanshi said, “For over five years, Turtlemint through its PoSP (Point of Sales Person) model has been empowering insurance advisors in 5000+ metros, cities, and towns across India. Aside from ease of doing business, sales growth is crucial for an advisor. The Turtlemint platform enables this through tools like a mobile CRM to manage customers, a repository of video content that they can use for customer education, and social media marketing features for driving insurance awareness.

Due to the recent COVID-19 pandemic, consumer awareness and demand for health and term-life insurance has shot up. In this time, we saw our advisors wholeheartedly embrace our digital solutions, resulting in a 2.5x boost to their business.”

Anand Prabhudesai, Co-Founder, Turtlemint, shares, “Continuous education is a very important aspect of being a successful financial entrepreneur. To this end, we have created an online education product with a wide range of courses on financial products, advice-based sales techniques and other soft skills. Our content is now available in 7 regional languages and 20,000+ learners are active each month on our edtech platform. A lot of these are first-time advisors who are taking their first steps towards starting their advisory business. Our target is to create a million successful financial entrepreneurs over the next 3-5 years…”

The Turtlemint platform currently partners with 40+ insurers, and serves more than 1.5 million customers from quote to claims. The funds raised will be utilized to bolster the product/platform by investing in cutting-edge technology solutions, significantly scale geographic penetration in tier 2/3 towns and upskill advisors and customers through training and content.

Hans Tung, Managing Partner at GGV Capital said, “GGV is a firm believer in investing in local champions and helping them to scale up with global data and insights. By developing products for the micro-entrepreneurs and the rising middle class, Turtlemint has an opportunity to have a positive impact on India’s economy. Dhirendra, Anand, and their team built an incredible platform that enables over 100 K mom-and-pop financial advisors to serve consumers’ best interests with digital tools, helping middle-class families in India get insured with the best products available. We are proud to be joining the team in this time of a global pandemic when digital solutions for sustaining and securing livelihoods is a critical need across the country.”

Harshjit Sethi, Principal, Sequoia Capital India LLP said, “Insurance is one of the largest and fastest growing markets in India with a highly fragmented industry structure. Through its products, Turtlemint is enabling the small insurance advisor – the lifeline of the industry – with choice of insurance manufacturer, efficiency in policy issuance and claims, and personalisation of advice to their customers. The firm is thrilled to have partnered Turtlemint since the early days. The company has grown over 100x in the past four years and is one of the fastest rising players in what is potentially a $100 billion market.”

Drew Aldrich from American Family Ventures adds, “We share Turtlemint’s core belief that the future of insurance is sold by tech-enabled human advisors. Turtlemint’s growth and customer satisfaction is a testament to the fantastic execution by Dhirendra and Anand, and the entire Turtlemint team…”

Charles Svirk, Principal at MassMutual Ventures said, “Turtlemint is enabling a distributed workforce of 100,000 advisors through a flexible, full-stack technology architecture. Their approach significantly reduces costs and allows for instrumented analysis in real-time, transforming insurance distribution as we know it. These efficiencies democratize access to top insurance products from carriers and empower consumers to purchase protection when and where they need it from an advisor who can provide customized advice…”