Online insurance platform Turtlemint has raised $30 million (Rs 223 crore) in a new funding round led by venture capital firm GGV Capital, according to media reports.
American Family Ventures, MassMutual Ventures and SIG also came in as new investors in the Series D funding round.
Turtlemint co-founder Dhirendra Mahyavanshi told the Moneycontrol website that the company will use the funds to boost its distribution and scale up its business..
Turtlemint, operated by Invictus Insurance Broking Pvt. Ltd, was started in 2015 by Indian Institute of Technology graduates and former Quikr colleagues Dhirendra Mahyavanshi and Anand Prabhudesai.
The startup claims to offer customers a wide variety of policies from more than 20 insurers for cars, two-wheelers, life and health insurance. The platform takes into account over 15 factors such as family composition, cashless hospital network near the consumer, and special cover needs like maternity and in-home care to recommend the appropriate health insurance cover and the right policy for the customers and their families, the statement added.