Turtlemint, an insurtech firm, raised $120 million in its Series E funding round at the onset of FY23, pushing its business closer to unicorn status. This funding influx enabled substantial expansion, with Turtlemint’s scale tripling by the close of FY24. Notably, the company maintained profitability throughout this period.
In FY24, Turtlemint’s insurance business achieved a 3.2x growth in operational revenue, reaching ₹505.05 crore, as detailed in the company’s latest financial filings with the Registrar of Companies. Additional income from interest and financial gains added ₹1.48 crore, bringing the total revenue to approximately ₹506.5 crore for the fiscal year.
This impressive growth reflects Turtlemint’s widening customer base and increased activity in broking services across motor, health, life, and general insurance segments. The Thane-based company claims it facilitated over ₹2,000 crore in premiums during the last year alone.
In addition to its core insurance services, Turtlemint is diversifying into enterprise solutions through its SaaS branch, Turtlefin, which supports banks, NBFCs, and e-commerce firms.
On the expenses side, Turtlemint’s total outlays surged 3.3x, reaching ₹498 crore in FY24. The rise was driven largely by an 11-fold increase in POSP commissions, making up 61% of total expenses at ₹305 crore. Employee expenses also grew by 82%, totaling ₹1,179.8 crore in FY24, compared to ₹65.8 crore the previous year.
Backed by Peak XV, Turtlemint posted a net profit of ₹6.22 crore, slightly down from ₹6.28 crore in FY23.
Founded by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint collaborates with more than 45 insurers, including Reliance General, Bajaj Allianz, Digit, and ICICI Lombard, with competition from direct-to-consumer platforms like Policybazaar and Coverfox. While these competitors focus on direct sales, Turtlemint specializes in agent-centric services.
As per TheKredible, a startup intelligence platform, Turtlemint has raised $190 million in funding to date and was valued near $900 million in its last funding round. Nexus and Peak XV currently hold the largest stakes, with 24% and 20.83%, respectively.
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