Insuretech start-up Turtlemint has raised $30 million (Rs 225 crore) in a funding round led by venture capital firm GGV Capital.

New investors American Family Ventures, MassMutual Ventures and SIG, along with existing investors Sequoia Capital India, Blume Ventures, Nexus Venture Partners, Dream Incubator and Trifecta Capital participated in the round.

The funds raised will be used to increase the reach of insurance and financial products by investing in technology solutions, reaching out to tier 2 and tier 3 towns and upskilling advisers through training.

Launched in 2015, the Turtlemint platform currently partners more than 40 insurers, and caters to more than 1.5 million customers.

“For over five years, Turtlemint through its ‘Point of Sales Person’ model has been empowering insurance advisers across India,” said Turtlemint co-founder Dhirendra Mahyavanshi.

“Our target is to create a million successful financial entrepreneurs over the next 3-5 years,” said co-founder Anand Prabhudesai.

“Insurance is one of the largest and fastest growing markets in India. Through its products, Turtlemint is enabling the small insurance advisor with choice of insurance manufacturer, efficiency in policy issuance and claims,” said Harshjit Sethi, Principal, Sequoia Capital India LLP.

“In this time, we saw our advisers wholeheartedly embrace our digital solutions, resulting in a 2.5x boost to their business,” added Mahyavanshi.

True Balance

Fintech firm True Balance on Wednesday said it has raised $28 million (about Rs 207.7 crore) in funding from SoftBank Ventures Asia, Daesung Private Equity and others.
The Series D round also saw participation from Naver, BonAngels and Shinhan Capital, a statement said.