Nexus Venture-Backed Turtlemint’s FY22 Loss Surges 4.4X To INR 7.2 Cr, Revenue Jumps 57%

SUMMARY

Turtlemint’s total revenue rose 1.5X to INR 99.4 Cr in FY22 from INR 63 Cr in FY21

The startup’s expenses rose to INR 89.6 Cr from INR 60.7 Cr in FY21

Earlier this year, Turtlemint raised $120 Mn in its Series E round at a valuation of about $900 Mn

Maharashtra-based insurtech startup Turtlemint’s net loss grew 4.4X to INR 7.2 Cr in the financial year 2021-22 (FY22) from INR 1.6 Cr in FY21.

The Nexus Ventures Partners-backed startup’s total revenue rose 1.5X to INR 99.4 Cr in FY22 from INR 63.1 Cr in FY21. Revenue from operations increased 57% to INR 99 Cr from INR 62.9 Cr in FY21.

Turtlemint is a digital platform which helps financial advisors understand and distribute insurance products to their customers. It helps them match each customer with a suite of products best suited for the latter’s needs.

Earlier, Turtlemint claimed that over 160K insurance advisors were using its platform in over 15,000 pin codes in the country as of April 2022. Turtlemeint sells health, life, personal accident, and motor insurance products, among others.

Meanwhile, its expenses rose 1.4X to INR 89.6 Cr in FY22 from INR 60.7 Cr in FY21. The startup spent INR 42 Cr on employee benefit expenses during the year, an increase of almost 10% from INR 38 Cr in FY21.

Employee benefit expenses comprise employee salaries, PF contribution, gratuity, and other employee welfare benefits.

The startup’s advertising and promotional expenses surged a whopping 201X to INR 11.6 Cr from just INR 5.8 Lakh in FY21. Turtlemint spent INR 15.2 Cr for point of sales person commission charges in FY22, a 1.2X increase from INR 12.1 Cr in FY21. The startup’s website usage expense also jumped 148% to INR 12 Cr from INR 4.8 Cr in FY21.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint has raised funding of about $200 Mn till date in multiple rounds. The startup was reported to have turned unicorn earlier this year after a fresh funding. However, it raised $120 Mn in its Series E round in April this year at a valuation of around $900 Mn. The last round was led by Amansa Capital, Jungle Ventures and Nexus Venture Partners.

The insurtech startup competes with the likes of Digit Insurance, Nova Benefits, Coverfox, and PB Fintech.

According to an Inc42 reports, the insurtech sector is expected to have a market opportunity of $616 Bn by 2025.