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Insurance-tech startup Turtlemint pulls in $30 mn from GGV Capital, others
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Online insurance platform Turtlemint has raised $30 million (Rs 223 crore) in a new funding round led by venture capital firm GGV Capital.

American Family Ventures, MassMutual Ventures and SIG also came in as new investors in the Series D funding round, Turtlemint said in a statement.

Existing venture capital investors Sequoia Capital India, Blume Ventures, Nexus Venture Partners, Dream Incubator and venture debt firm Trifecta Capital also participated in this funding round.

Turtlemint said it will use the funds to upgrade its product, expand in smaller towns and cities, and upskill advisors and customers through training and content.

The company said it partners with more than 40 insurers, and serves over 1.5 million customers from quote to claims.

The startup had last raised $25 million in a funding round led by Sequoia Capital in January 2019. Prior to this, it had secured funding from Nexus and Blume in February 2016.

Turtlemint, operated by Invictus Insurance Broking Pvt. Ltd, was started in 2015 by Indian Institute of Technology graduates and former Quikr colleagues Dhirendra Mahyavanshi and Anand Prabhudesai.

The startup claims to offer customers a wide variety of policies from more than 20 insurers for cars, two-wheelers, life and health insurance. The platform takes into account over 15 factors such as family composition, cashless hospital network near the consumer, and special cover needs like maternity and in-home care to recommend the appropriate health insurance cover and the right policy for the customers and their families, the statement added.

Consumers can purchase the insurance online using the company’s desktop site, proprietary app Mintpro, or by engaging a point of sales person (PoSP) to complete the process.

A clutch of insurance-tech, fintech and online financial services firms have raised early and growth-stage funding amidst the pandemic.

Last month, Razorpay entered the unicorn club with Series D cheques co-led by Singapore sovereign wealth fund GIC Pte Ltd and Sequoia.

Also in October, Uni, a fintech startup in stealth mode co-founded by former PayU India CEO Nitin Gupta, raised $18.5 million in its seed funding round.

In September, insurance startup Acko Technology & Services Pvt Ltd raised $60 million led by Munich Re Ventures, the venture capital arm of Germany-based reinsurance company Munich Re Group.

In the same month, Smallcase Technologies Pvt. Ltd, a capital markets-focussed financial technology startup, raised $14 million (about Rs 103 crore) in a Series B fundraising round.

In June, A & A Dukaan Financial Services Pvt. Ltd, which operates online financial services marketplace BankBazaar, mopped up Rs 45 crore from new and existing investors.

SME-focussed fintech startup Khatabook raised a big Series B funding round while the lending platform for SMEs Lendingkart also collected a significant amount in its Series D funding round in May.

Ola Financial Services Pvt. Ltd, the financial services arm of taxi aggregator Ola, mobilised Rs 205 crore in its first institutional round of funding in the same month.

Among the other fintech and insurance-tech startups that raised seed and early-stage funding during the lockdown include Satyen Kothari-led fintech firm Cube Wealth, LoanAdda, Mintoak, NIRA, and GramCover.

*This article has been updated to include Turtlemint's comment.

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