Money & Banking

Insurance start-up Turtlemint aims to expand distribution, digital presence

Surabhi Mumbai | Updated on May 06, 2019

Tech-based insurance start-up Turtlemint plans to scale up distribution and digital presence and expand its network to 2.5 lakh Point of Sales Persons (POSPs), or agents, over the next few months.

At present, it has 50,000 agents, an annualised premium run rate of ₹900 crore, and more than 5 lakh customers across 800 cities.

Raises capital

The move comes after it raised $25 million in a funding round, led by Sequoia India and Nexus Venture Partners, with participation from Blume Ventures, in January, this year.

“January to March has been an exciting quarter for us. Post-funding, our focus was on expanding our distribution base. We have also expanded our technology team by five times this quarter,” said Dhirendra Mahyavanshi, co-founder, Turtlemint.

Speaking to BusinessLine, he said the insurance platform was aiming to double its network from about 25,000 in January.

“So, it was the right time to raise funds,” he said. Turtlemint aims to scale up its digital footprint and enhance insurance penetration across the country by skilling and training its agents.

For customers, it provides tailored online and offline solutions for motor, and health and life insurance products from various insurers. It has also developed a multi-lingual mobile application under its Digital Partner Program, which gives comprehensive product options and paperless transactions.

Mahyavanshi said the company generates about one lakh quotes every day and issues about 3,000 policies on daily basis. Turtlemint hopes to make net profits from 2020-21.

“We are operationally making profits. The reason we are raising capital is to invest in technology. We hope the intellectual property we are able to create will lead to much better EBIDTA,” he said.

With the added agents, it also expects to maintain the 80 per cent quarter-on-quarter growth it has been registering over the last seven-odd quarters.

Published on May 06, 2019

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