Indian InsurTech Turtlemint has launched its first office in Dubai, UAE, following its Series E round.
The Dubai office, according to a report by Gulf Business, will be the central hub for the company’s business development in the Middle East region.
Turtlemint’s expansion announcement follows its recent $120m Series E funding round led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners.
The round also saw participation from new investors Vitruvian Partners and Marshall Wace, along with the company’s other existing investors, bringing the total funding raised to date to $197m.
Reports suggest the round brought Turtlemint closer to unicorn status, now valued at $900m.
Founded in 2015, Turtlemint strives to make it easy to understand and buy insurance. The company’s intent is to “demystify” insurance by explaining the jargon in a simple way and providing smart tools to help users make the right choice.
The expansion into Dubai is undertaken to scale its digital insurance platform offering for enterprises – Turtlefin’s operations in the Middle East. Turtlefin provides end-to-end tech solutions to enable insurance sales and services/digitise insurance sales and services via comprehensive technology support for large enterprises like banks and other distributors.
Dhirendra Mahyavanshi, co-founder, Turtlemint, said, “We recognised a need for a technology partner in the current traditional banking landscape of the region, to facilitate a combination of legacy systems and new fintech capabilities in order to offer a seamless digital client experience. We aim to bridge this gap with Turtlefin’s comprehensive technology platform and support the BFSI community at large.”
Anand Prabhudesai, co-founder Turtlemint, added, “We see a massive opportunity in the Middle East market to assist banks & financial institutions in becoming digital-first by improving their value chain. With Turtlefin we have digitised and simplified the entire insurance distribution value chain benefiting all stakeholders.”
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