Online insurance seller Turtlemint is planning to expand further in international markets, as per the cofounder of the company. The six-year-old startup, which is termed as a soon-to-be unicorn by several reports, launched its operations in UAE earlier this month in association with one of the largest financial players. A unicorn, in startup parlance, is a company valued at above $1 billion. Turtlemint has both business-to-customer (B2C) and business-to-business (B2B) offerings in India. It directly sells insurance policies to customers through its platform under the B2C offerings as well as onboards financial advisors to sell these policies to customers under a business-to-business-to-customer (B2B2C) offering. It has 1.2 Lakh insurance advisors on its platform. Turtlemint is also in talks with banking partners in Southeast Asia and Middle East as a part of its international expansion play.
The company also works as a software-as-a-service (SaaS) company and rents out its technology to financial institutions to sell insurance online under the B2B offering. The company will solely focus on the SAAS offering when it comes to international expansion and the revenue from these markets would come from subscriptions of its software. Turtlemint has raised close to $69 million to date from marquee investors like Nexus Venture Partners, Sequoia Capital India, Jungle Ventures and GGV Capital. The company raised $46 million in the first half of 2021. The company has used this funding to expand its presence in India from 11,000 pin codes to 14,000 pin codes and invested heavily on its technology. They have hired about 500 employees in their technology team since April 2021 to create a tech architecture that can be deployed in both B2B and B2C offerings. The company is currently hiring about 50-60 employees monthly. It is also looking to onboard 10,00,000 financial advisors — or point of sale persons (POSP) who sell the policies — on its platform by 2025. The company expects its business to grow ten-fold by 2025. It aims to serve 6 million customers by then.