Indian InsurTech Turtlemint has raised $25m in a funding round led by Sequoia India.
The long-time FinTech investor was joined in the round by existing backers Nexus Venture Partners and Blume Ventures, according to Indian media reports.
Turtlemint uses algorithms and data analytics to recommend insurance products through its MintPro mobile application. The Mumbai-based FinTech offers access to car, bike, health and life insurance, with almost 25,000 licensed insurance experts across 700 cities. Insurance brokers on the platform can sell multiple insurance policies from a number of different companies.
Sequoia Capital India Advisors principle Harshjit Sethi said, ?Turtlemint has pioneered a new model that is not only bringing new agents into the insurance domain but is also helping them become more productive and effective with their customers by making them digitally savvy.
?Sequoia India is excited to partner with them from the early stages ?? the company is growing at a very fast clip and is well on its way to transforming insurance distribution in the country.p>
In the past, Sequoia has also backed Indian credit start-up MoneyTap, payments platform Prizm and mobile-wallet FinTech Mobikwik.
Last week Singaporean ride-sharing business Grab has partnered with the international arm of ZhongAn to create a digital insurance platform for the Southeast Asia region.
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