Insurtech platform Turtlemint raises $120 mn to expand global footprint

Mumbai, April 29 (SocialNews.XYZ) Insurtech platform Turtlemint on Friday said it has raised $120 million in its Series E funding led by Amansa Capital, Jungle Ventures and Nexus Venture Partners.

The platform said it will use fresh funds to expand in new geographies, scale its leadership team and strengthen its product stack.

This brings the total funding raised by the company since inception to $190 million.

"Insurance is an important risk mitigation tool that needs to be universally accessible. However, we believe that access is only one aspect of the insurance purchase journey. Another equally important aspect is informed decision making," said Dhirendra Mahyavanshi, Co-founder, Turtlemint.

Founded in 2015, the Turtlemint community has more than 160,000 insurance advisors using the platform in more than 15,000 pin codes in India.

Mahyavanshi said the company targets to onboard more than 1 million advisors by 2025 further accelerating our pace of growth in the country.

"As individuals continue to seek assistance during purchase and claim journeys, the last-mile distribution needs to be empowered with the best technology," said Anand Prabhudesai, Cofounder, Turtlemint.

The latest round also saw participation from new investors Vitruvian Partners and Marshall Wace, along with other existing investors.

"Turtlemint has empowered the financial advisors with the knowledge and tools needed to sell better insurance products to more people in less time," said Arpit Beri, Principal at Jungle Ventures.

Source: IANS