Insurance distributor Turtlemint on Wednesday announced it has raised $ 25 million in a funding round led by Sequoia India which will used to scale up its digital network across India.

The company, however, did not share any details on valuations of the funding, which also saw participation from existing investors Nexus Venture Partners and Blume Ventures. The company offers recommendations to customers based on proprietary algorithms and data analytics and caters to nearly 25,000 licensed insurance experts across 700 cities. The model is not only bringing new agents into the insurance domain but also helping them become more productive and effective with customers, Sequoia’s principal Harshjit Sethi said.

“A lot of customers, while depending on online research to learn more about the available policies, ultimately prefer to buy their insurance from an intermediary they can personally interact with,” the company’s co-founder Dhirendra Mahyavanshi said. Digitisation of insurance value chain is a huge opportunity and benefits all the participants, including the customers by providing access to the right products, agents through significant business growth and productivity and insurers through improved transparency, Nexus’ managing director Anup Gupta said.

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