Invictus Insurance Broking Services, which runs insurtech platform Turtlemint, has announced that it will be acquiring Pune-based startup IOPhysics Systems on Tuesday. The company is going to take over the company’s IOPhysics IP and product portfolio.
The financial details of the transaction remained undisclosed.
IOPhysics’ founder and CEO Ashish Gawali will join the Turtlemint team as their vice president - data science and data engineering, while the rest of the IOPhysics team will join the tech and data science verticals at Turtlemint.
Passion Connect, the HR Advisory Unit incubated by Blume Ventures, played a crucial role in this acquisition, the company said.
Founded in 2015 by former Quikr executives Dhirendra Mahyavanshi, Anand Prabhudesai and Kunal Shah, Turtlemint has a hybrid (online-offline) model that empowers insurance advisors across the country with digital tools to navigate an otherwise cumbersome offline selling process at scale quickly.
IOPhysics aims to help data scientists and data engineers derive intelligence from structured and unstructured data in real-time. Its unique selling point is its flexibility to integrate any data with any public cloud data platform and a data visualisation tool, with an easy-to-use interface.
"As Turtlemint goes into the next phase of growth, data science and data engineering have become critical focus areas. Passion Connect recognised this need, leveraged its strong network in the startup community and connected us to various startup teams across domains," said Prabhudesai.
The Mumbai-based insurtech company has a network of 1,25,000 insurance advisors and it empowers point-of-sales persons (POSP) to sell insurance policies to consumers in their first language across 5,000+ metros, cities, and towns covering 14,000+ pin codes.
Turtlemint has raised around $69 million (approximately Rs 514 crore) so far. It is backed by Blume Ventures, GGV Capital, Sequoia Capital India, Nexus Ventures, Jungle VC, SIG, Amfam and Massmutual Ventures. It has partnered with over 30 Indian insurance providers, including HDFC Life Insurance, HDFC Ergo, ICICI Lombard, New India Assurance and Reliance General Insurance.
Earlier this year, Turtlemint raised an undisclosed amount from Singapore-based Jungle Ventures as part of a Series D funding round.
In November 2020, the company raised $30 million as part of the same round led by Menlo Park, California headquartered venture capital firm GGV Capital.