Insurance distributor Turtlemint gets USD 46 mn from Jungle Ventures

It will use the money from the series-D funding round to widen its distribution reach and also to develop more innovative products, the companies said in a statement.For Jungle Ventures, this is the first investment in the insurance tech space in the country, Amit Anand, founding partner said.Dhirendra Mahyavanshi, co-founder of Turtlemint, said they have been focusing on empowering PoSPs with technology which has enabled the company to advice the right products.

Singapore-based venture capital fund Jungle Ventures has pumped in USD 46 million (about Rs 335 crore) into Turtlemint, one of the leading online-based insurance advisors.

Turtlemint, which was started in 2015 in Mumbai, has a point of sale persons (PoSPs) network of over 1 lakh that serve over 1.5 million customers. It will use the money from the series-D funding round to widen its distribution reach and also to develop more innovative products, the companies said in a statement.

For Jungle Ventures, this is the first investment in the insurance tech space in the country, Amit Anand, founding partner said.

Dhirendra Mahyavanshi, co-founder of Turtlemint, said they have been focusing on empowering PoSPs with technology which has enabled the company to advice the right products. We would continue to focus on spreading our distribution to the remotest parts and further deepen our presence in the existing locations.

Anand Prabhudesai, co-founder of Turtlemint, said the fund will be utilised to further strengthen the platform by adding user-friendly products, developing engaging content for customer education, and enabling digitisation across all models of distribution, both traditional and new. He said they are planning to serve over 50 million customers over the next five years. Turtlemint has a hybrid platform that seamlessly combines the offline and online insurance distribution model. It has developed a network of over 1 lakh insurance advisors who cater to over 1.5 million customers in over 5,000 locations.

Turtlemint also has partnerships with over 30 insurance companies, which include HDFC Life, HDFC Ergo, ICICI Lombard, New India Assurance, Reliance General Insurance and new age companies like Godigit among others. Jungle Ventures' Indian portfolio includes Moglix, Livspace, Paysense, Builder, Tookitaki, and Bookmyshow.

It also recently led a series-B funding round of USD 10 million for Betterplace, the blue-collar workforce management platform. Overall, it has invested in over 35 companies across eight countries in Southeast Asia and India.

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