Turtlemint, an online insurance seller, has raised its first round of institutional funding led by Nexus Venture Partners with participation from Blume Ventures. The fresh capital will be utilized by the five-month-old startup to scale up its technology and grow the team. Founded by former Quikr executives Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint presently operates in Mumbai but plans to expand to 100 cities to take on bigger rivals such as PolicyBazaar and Coverfox.
The company plans to hire about 200 more people, Prabhudesai told TOI. Turtlemint offers insurance for cars, two-wheelers and health, with a substantial chunk of transactions coming from the auto segment.The company plans to add life insurance and other new products during the course of the year.
Sources said investors have pumped in around $2-3 million in Turtlemint. The company did not confirm the investment size.
“We are looking to tap the gap in the market by creating an offline network of insurance facilitators. This network fills a critical gap in customer servicing for 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,“ said Prabhudesai.
Turtlemint claims to be clocking a 50% monthly growth in number of transactions and user visits with an annualized runrate of about Rs 120 crore.
Source: The Times Of India (Mumbai)
Date : 5th February 2016