Turtlefin, the software-as-a-service (SaaS) platform of insurtech startup Turtlemint, on Friday inked its maiden deal by acquiring a Bengaluru-based insurtech SaaS company for an undisclosed amount.
Turtlefin, which offers end-to-end tech solutions to enable insurance sales and services and digitise through comprehensive technology support for large enterprises, bought Last Decimal to scale up its footprint in the insurtech space.
Last Decimal offers API-driven platform BancaEdge to its customers, which are large banks and insurers in India. Tapping into this platform, its clients can provide insurance to their disparate customer segments.
“This acquisition will further strengthen our bancassurance technology offering by making us the clear leader with 16 top banks in Asia present in our clientele and will unlock exponential growth opportunities for us,” said Turtlefin’s cofounder, Dhirendra Mahyavanshi.
Meanwhile, Turtlemint was founded in 2015 by former Quikr executives Mahyavanshi, Anand Prabhudesai and Kunal Shah.
The company has an omnichannel model that it says empowers insurance advisors across the country with digital tools to navigate an otherwise cumbersome offline selling process quickly.
The acquisition accelerates Turtlefin’s growth trajectory by expanding its bancassurance business and market share with the addition of Last Decimal’s existing customers, the company said in a statement.
“As an insurtech player, Turtlefin and Last Decimal have a shared vision of growth for our customers and insurtech segment. We will generate strong synergies and accelerate innovation through this collaboration, which will enable us to empower the insurtech growth story in India,” said AS Narayanan, chief executive officer of Last Decimal.
Mumbai-based Turtlemint had last raised $120 million in a Series E funding round at a valuation few million dollars shy of turning into a unicorn. The round was led by Amansa Capital, Jungle Ventures and Nexus Venture Partners.
New investors Vitruvian Partners and Marshall Wace, along with other existing investors participated in the funding mop-up. It also counts Blume Ventures, Sequoia Capital and GGV Capital, among others as its investors. To date, it has raised $190 million in multiple rounds.
In May last year, Mahyavanshi, in an interview with VCCircle, had hinted that the company is looking at going public sometime in 2024, provided it hits certain milestones, including profitability.
Besides India, the company also has operations in the Middle East and North Africa (MENA) region.
