Turtlemint raises Rs 178 cr from Sequoia India, others.
Bengaluru: Insurance distribution company Turtlemint has raised $25 million (Rs 178 crore) in a Series-B round of funding, led by Sequoia India along with participation from existing investors Blume Ventures and Nexus Venture Partners.
The Mumbai-headquartered company, which sells insurance products through an assisted online model, intends to scale up operations after the fund infusion. It is also planning to push up the number of on-field agents so that it can enter deeper into the country at pin-code levels. “We believe consumers are doing research online but need physical assistance to actually decide on the product and that is where we intend to come in,” cofounder Dhirendra Mahyavanshi said.
“We have a base of 25,000 agents who have been trained through our platform to help consumers access the right insurance product for themselves.” Turtlemint claims to have around 20 lakh customers in 700 cities.
“We want to go hyperlocal and push up our agent base to around 3 lakh, (and) also start generating better content to educate our agents,” he said. Among the types of products sold through Turtlemint, 70% are in the motor category, 20% in the health sector and the rest, life insurance products.
Among insurance marketplaces, Policybazaar is the clear leader and is one of the very few unicorns in the fintech space. Turtlemint, while competing with the biggies, is trying to create its own model where retail agents can help consumers buy products. With an endto-end platform where products are sold digitally in the assisted model, Turtlemint offers insurance products from more than 80% of the licenced insurance-selling companies in India. The company had raised $2.5 million in its Series A round.