Insurance Platform Turtlemint Raises Funds from Nexus Venture Partners and Blume Ventures

Mumbai based startup, has raised an investment round led by Nexus Venture Partners with participation from Blume Ventures. Turtlemint has built Indian personalized insurance platform which provides recommendations to  customers based on proprietary algorithms and data analytics; and offers a network of trusted offline facilitators to help complete the insurance purchase and provide claims assistance. The company will use the fund to further scale up its technology and operations.

Turtlemint's Team

Turtlemint’s Team

The startup was launched four months ago by Dhirendra Mahyavanshi (IIM Calcutta alumnus) and Anand Prabhudesai (IIT Bombay and Chicago Booth alumnus), both of whom were previously a part of the management team at Quikr. The founding team has experience in the insurance sector as well as in building and scaling consumer Internet businesses, having held operational roles in companies such as ICICI Lombard, Yahoo, eBay and Nokia.

The company offers customers, choice of hundreds of policies from over 15 insurers for Car, Two-wheeler, and Health insurance categories. It plans to add Life insurance and other products during the year. Users can simply access on a smartphone to get guidance on selecting the right cover, get the quotes, and purchase online or choose the option of a offline facilitator to complete the purchase.  The platform uses over 20 factors such as family composition, cashless hospital network near the consumer, and special cover needs like maternity, in-home care, etc. to recommend the apt amount of health insurance cover and helps in selecting the right policy for the family.

“Turtlemint is also the first online insurance site to have created an offline network of insurance facilitators.  This network fills a critical gap in customer servicing for the 90% of online customers who today research online but buy offline. The facilitators provide last mile connectivity for customers who need in-person assistance during purchase and assists in the claim process. We plan to expand to 100+ cities in the next few months,” added Anand Prabhudesai, Co-founder, Turtlemint.

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Last month, Noida-based online insurance policy aggregator, Easypolicy raised around $2 million in a fresh round of funding led by Ronnie Screwvala’s private investment arm Unilazer Ventures.