Insurance distributor Turtlemint
Wednesday announced it has raised USD 25 million in a funding
round led by Sequoia India which will used to scale up its
digital network across India.
The company, however, did not share any details on
valuations of the funding, which also saw participation from
existing investors Nexus Venture Partners and Blume Ventures.
on proprietary algorithms and data analytics and caters to
nearly 25,000 licensed insurance experts across 700 cities.
The model is not only bringing new agents into the
insurance domain but also helping them become more productive
and effective with customers, Sequoia's principal Harshjit
"A lot of customers, while depending on online
research to learn more about the available policies,
ultimately prefer to buy their insurance from an intermediary
they can personally interact with," the company's co-founder
Dhirendra Mahyavanshi said.
Digitisation of insurance value chain is a huge
opportunity and benefits all the participants, including the
customers by providing access to the right products, agents
through significant business growth and productivity and
insurers through improved transparency, Nexus' managing
director Anup Gupta said.