Insurance firms American Family and MassMutual have participated in a $30m funding round for India-based online insurance comparison service Turtlemint through corporate venturing subsidiaries American Family Ventures and MassMutual Ventures.
The round was led by venture capital firm GGV Capital and included Nexus Venture Partners, Dream Incubator, Sequoia Capital India, Blume Ventures and Trifecta Capital.
Turtlemint runs an online platform that allows users to compare policies from 40 different life, health or motor insurance providers. It also offers guidance through its own team of insurance advisers, and has served more than 1.5 million customers so far.
The company will use the funding to invest in its technology, provide content that can help its advisers expand their skillset and move further into tier 2 and 3 Indian towns, classified as those with populations between 20,000 and 100,000.
Sequoia India led a $25m series B round for Turtlemint in January 2019 that included Nexus Venture Partners and Blume Ventures, having provided $6m in funding for the company the previous year.
Nexus Venture Partners and Blume Ventures had already invested an undisclosed amount in Turtlemint in 2016.
Turtlemint co-founder Anand Prabhudesai said, “Our target is to create a million successful financial entrepreneurs over the next three to five years. We are thankful to our investors who have joined with us in this journey and encouraged us to dream big.”
