Total amount raised
$197 Million
Latest funding date
4/1/2022
Location
Turtlemint has successfully raised funds over six rounds, with the latest being a Series E. The platform is backed by notable investors including Marshall Wace, Nexus Venture Partners, Amansa Capital, and Jungle Ventures.
Keep reading to explore the intricacies of Turtlemint's fundraising journey and the investors backing this innovative insurtech platform.
What Is Turtlemint?
Turtlemint is a prominent insurtech platform based in Thane, Maharashtra, India. The company operates within the financial services, insurance, and insurtech industries, providing a platform that helps consumers identify and purchase appropriate insurance policies.
Founded by a team of industry experts, Turtlemint has grown significantly, employing between 1001 and 5000 people. The company also offers a variety of financial products, including mutual funds and loans, and provides B2B solutions through its Turtlefin platform.
How Much Funding Has Turtlemint Raised?
- Series E
- Amount Raised: USD 120,000,000
- Date: April 2022
- Lead Investors: Amansa Capital, Jungle Ventures, Nexus Venture Partners
- Valuation at Round: Approximately USD 900,000,000
- Motivation Behind the Round: To expand into new geographies, scale the leadership team, and strengthen the product line.
- Series D
- Amount Raised: USD 16,000,000
- Date: March 2021
- Lead Investors: Jungle Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and expansion efforts.
- Series D
- Amount Raised: USD 30,000,000
- Date: November 2020
- Lead Investors: Notable Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue growth and expansion in the insurtech market.
- Series Unknown
- Amount Raised: USD 25,000,000
- Date: January 2019
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and market expansion.
- Series Unknown
- Amount Raised: USD 6,000,000
- Date: November 2018
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the company's market presence and product offerings.
- Seed
- Amount Raised: Not publicly disclosed
- Date: February 2016
- Lead Investors: Nexus Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch and establish the platform in the market.
Total Amount Raised: USD 197,000,000
Current Valuation: Approximately USD 900,000,000
Key Investors
- Amansa Capital
- Details: Amansa Capital is an investment management firm known for its long-term investments in public and private companies across Asia.
- Investment Focus Areas: Public and private equity markets, long-term growth opportunities, technology, financial services, consumer goods.
- Notable Investments: Various sectors including technology, financial services, and consumer goods.
- Jungle Ventures
- Details: Jungle Ventures is a venture capital firm that invests in early to growth-stage companies in Southeast Asia and India.
- Investment Focus Areas: Technology-driven companies, consumer sectors, financial services.
- Notable Investments: Livspace, Kredivo, Moglix.
- Nexus Venture Partners
- Details: Nexus Venture Partners is a venture capital firm that invests in early and growth-stage companies in India and the U.S.
- Investment Focus Areas: Technology, consumer, business services.
- Notable Investments: Delhivery, Druva, Unacademy.
- Vitruvian Partners
- Details: Vitruvian Partners is a European private equity firm that invests in high-growth companies across various sectors.
- Investment Focus Areas: Technology, financial services, healthcare.
- Notable Investments: Just Eat, Skyscanner, Farfetch.
- Marshall Wace
- Details: Marshall Wace is a global alternative investment manager specializing in long/short equity strategies.
- Investment Focus Areas: Hedge fund management, public equity markets, technology, healthcare, financial services.
- Notable Investments: Various sectors including technology, healthcare, and financial services.
What's Next for Turtlemint?
As Turtlemint looks to the future, the opportunities for growth are vast. The company is poised to expand into new geographies, including Southeast Asia and the Middle East, while also increasing its presence in Tier 2 and Tier 3 cities in India. This expansion is supported by a strong community of over 160,000 insurance advisors and a robust digital platform that empowers advisors and consumers alike.
With a valuation nearing $1 billion, Turtlemint is well-positioned for future fundraising opportunities. The recent $120 million Series E round demonstrates strong investor confidence, and further investments could help the company achieve unicorn status. This influx of capital will enable Turtlemint to scale its leadership team, enhance its product line, and continue innovating in the insurtech space.
However, Turtlemint will face challenges along the way. Competition from other insurtech companies and traditional insurance providers is fierce. Additionally, navigating regulatory changes and ensuring the scalability of their digital tools will be critical. Despite these hurdles, Turtlemint's focus on leveraging technology and expanding its advisor community positions it well for continued success in the evolving insurance industry.
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