The startup will use the newly raised capital to scale up its technology & operations and to expand the team.
Anup Gupta, Managing Director, Nexus Venture Partners said, “The Indian market is missing a trusted insurance advisor. Turtlemint with its technology led personalisation and offline network fills a critical gap to take insurance to the masses.”
Mumbai-based, Turtlemint, was founded in 2015 by former Quikr officials, Dhirendra Mahyavanshi, Anand Prabhudesai and Kunal Shah. It offers insurance policies from over 15 insurers for car, two-wheeler and health insurance categories. It is a personalised insurance platform that provides recommendations to customers, based on algorithms and data analytics. It also offers a network of trusted offline facilitators to help complete the insurance purchase and provide claims assistance.
The company plans to add ‘Life insurance’ and other products during the year and to expand to over 100 cities in the next few months.
Other players in this segment include Easypolicy, PolicyBazaar and BankBazaar among others. Noida-based online insurance policy aggregator, Easypolicy, recently raised about $2 Mn funding led by Ronnie Screwvala’s private investment firm Unilazer Ventures. On the other hand, PolicyBazaar, run by Gurgaon-based eTechAces Marketing and Consulting Pvt Ltd, raised $40 Mn funding in its Series D round from PremjiInvest in April 2015. While in July, Chennai-based digital financial services platform, BankBazaar, raised $60 Mn in its Series C round of funding.
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