India-based Turtlemint said to close its Series D on $30m

India-based digital insurer Turtlemint has reportedly bagged $30m in its Series D round, which was led by GGV Capital.

The round was supported by American Family Ventures, MassMutual Ventures and SIG, as well as previous backers Blume Ventures, Sequoia Capital India, Nexus Venture Partners, Dream Incubator and Trifecta Capital, according to a report from TechCrunch.

Proceeds from the round will be used to grow its network of advisors and improve its technology.

Turtlemint offers a consumers an easy way to purchase car, bike, health and life insurance. The Mumbai-based company leverages algorithms and data analytics to recommend products via its mobile platform.

Its insurers partners include AegonLife, AXA, Future Generali, Liberty General Insurance, Pramerica and many more.

Alongside the funding, the company has launched educational tools to help consumers better understand finance.

Turtlemint co-founder Anand Prabhudesai told TechCrunch, “Continuous education is a very important aspect of being a successful financial entrepreneur. To this end, we have created an online education product with a wide range of courses on financial products, advice-based sales techniques and other soft skills.

“Our content is now available in seven regional languages and over 20,000 learners are active each month on our edtech platform. A lot of these are first-time advisors who are taking their first steps towards starting their advisory business. Our target is to create a million successful financial entrepreneurs over the next 3-5 years.”

With the close of the round, the InsurTech has raised a total of $55m in funding since it launched. The company previously raised $25m in 2019, with capital coming from Sequoia India, Nexus Venture Partners and Blume Ventures.

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