Amansa Capital, Jungle Ventures, and Nexus Venture Partners led a $120 million Series E investment for Turtlemint, India’s largest insurance advisor focused InsurTech platform. New investors Vitruvian Partners and Marshall Wace, as well as previous investors, participated in the round. This takes the company’s total capital raised since its founding to $190 million. The new funds will be used to grow into new geographies, scale the leadership team, and improve the product stack.
Turtlemint is a digital platform meant to help financial advisors understand and sell insurance to their community of customers. It was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai. Financial advisors can use the technology to rapidly match each consumer with a product suite that is best suited for them.
Anand Prabhudesai, Cofounder, Turtlemint, added: “India is at a critical juncture, particularly in terms of demand for health insurance products. Tier 2 and 3 cities will account for a significant portion of this demand. As individuals continue to seek assistance during purchase and claim journeys, the last-mile distribution needs to be empowered with the best technology. This is what our offline-online strategy solves for customers.