Insurance aggregator Turtlemint has secured $30 Mn in series D round led by GGV Capital. The round also saw new investors American Mass Ventures, Mass Mutual Ventures and SIG coming on board.
Clutch of existing investors Sequoia Capital, Blume Ventures, Nexus Venture Partners and Trifecta Capital also took part in the latest round.
Among other things, the Mumbai based startup will use the latest capital infusion for penetrating deeply in tier 2 and tier 3 towns.
The startup’s last funding round reportedly took place in January last year. This round saw Sequoia Capital leading $25 Mn in the Mumbai based startup.
The company basically deals in four major verticals including Car, Bike, Health and Life. According to its official website, the startup has so far sold more than 10 lakh policies and processed 15 crore claims
Being an aggregator, it essentially brings best possible and suitable products offered by different insurance companies.
Off late, startup insurance industry has witnessed frenetic activities. In September, Amazon backed Acko insurance raised $60 Mn in a round led by German insurance giant Munich Re Ventures.
Digital payment major Paytm has now almost become a full-fledge insurance player, after acquiring 100% stake in the Mumbai based insurance company Raheja QBE.
Insurance sector was one of the few sectors that benefited from the coronavirus pandemic. With India witnessing second-highest coronavirus cases globally, health insurance witnessed robust sales in 2020.
Over all, India’s startup insurance industry is upbeat about its future for two main reasons. Firstly, insurance penetration in India at 3.69% is one of the lowest in the entire world. This means that the insurance industry has a big headroom to grow.
Secondly, growing internet and smartphone penetration will come in handy for the startup insurance industry to grow their marketshare.