AAA Turtlemint takes $46m to close its series D

Turtlemint takes $46m to close its series D

Turtlemint, the India-based provider of an insurance product comparison service, has closed a series D round featuring insurance firms American Family and MassMutual at $46m, the Economic Times had reported.

Venture capital firm Jungle Ventures provided the latest portion of the funding. The company had raised an initial $30m for the round in a November 2020 tranche led by GGV Capital and backed by corporate venturing units American Family Ventures and MassMutual Ventures.

Quantitative trading firm Susquehanna International Group, Nexus Venture Partners, Dream Incubator, Sequoia Capital India, Blume Ventures and Trifecta Capital also took part in the first close.

Founded in 2015, Turtlemint operates an online platform where users can compare quotes on health, life, car and bike insurance. It will use the funding to build up its distributor network over the next 18 months as well as for product development, marketing and geographic expansion.

The company had previously raised $25m in a Sequoia Capital India-led series B round in early 2019 that was also backed by Nexus Venture Partners and Blume Ventures.

Sequoia Capital India had already invested $6m in Turtlemint the year before, following an undisclosed amount from Nexus Venture Partners and Blume Ventures in 2016.