The round was led by Nexus Venture Partners, with participation from Blume Ventures
The Mumbai-based startup will use the funds raised to scale up its technology and operations.
“We plan to expand to 100-plus cities in the next few months,” said Anand Prabhudesai, Co-founder of Turtlemint.
The company was launched four months ago by Dhirendra Mahyavanshi (IIM Calcutta alumnus) and Prabhudesai (IIT Bombay and Chicago Booth alumnus) — both were previously part of the management team at online classifieds major Quikr.
The Turtlemint platform provides recommendations to customers based on proprietary algorithms and rich data analytics. It has a network of trusted offline facilitators to help complete the insurance purchase and provide claims assistance.
Users can simply access Turtlemint.com app to get guidance on selecting the right cover, get the best quotes, and purchase online or choose the option of a trusted offline facilitator to complete the purchase.
The platform uses over 20 factors such as family composition, cashless hospital network near the consumer, and special cover needs like maternity, in-home care, etc. to recommend the apt amount of health insurance cover and helps in selecting the right policy for the family.
Turtlemint offers choices of hundreds of policies from over 15 insurers for car, two-wheeler, and health insurance categories. The company plans to add life insurance and other products during the year.
Mahyavanshi said: “We started Turtlemint as we saw a clear gap in the market beyond quote comparison. Turtlemint explains insurance jargon clearly and highlights policy features and “fine print” in a transparent manner. Often, ignorance about product benefits leads to customers feeling adversely about insurance, when their claims are denied.”
“With the Turtlemint platform, we bring complete clarity by making the customer smart about the product at the time of purchase. This not only benefits the customer, who can now buy with confidence, but also the insurer who has less of dis-satisfied customers to deal with,” added Mahyavanshi.
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