Indian insurance sales platform raises funds to expand

Turtlemint has raised funds from Nexus Venture Partners and Blume Ventures to scale up its technology and operations. The insurance platform follows an online-offline model, using algorithms and data analytics to provide recommendations to customer, while a network of offline facilitators help complete the insurance purchase and provide claims assistance.  The Mumbai-based start-up, which currently offers motor and health insurance, plans to add life insurance and other products this year.

Online insurance platform Turtlemint has raised an undisclosed amount from Nexus Venture Partners and Blume Ventures. Turtlemint follows an online-offline model and provides recommendations to customers based on proprietary algorithms and data analytics, and offers a network of offline facilitators to help complete the insurance purchase and provide claims assistance.

The company will use the funds to further scale up its technology and operations, it said. "This network fills a critical gap in customer servicing for majority of online customers who research online but buy offline. We plan to expand to 100+ cities in the next few months," Turtlemint co-founder Anand Prabhudesai said.

The company plans to add life insurance and other products during the year. The Mumbai-based startup offers customers a choice of several policies from over 15 insurers for vehicle, two-wheeler, and health insurance categories.

Turtlemint was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, both of whom were previously a part of the management team at Quikr, and have held operational roles in companies such as ICICI Lombard, Yahoo, eBay and Nokia.