After Policybazaar IPO Insurance Startup Turtlemint Eyes Unicorn Tag
Wednesday, 10 November 2021, 10:09 IST
An online platform for buying insurance, Turtlemint, is in talks to raise about USD 200 million, valuing it at over $1 billion.
Turtlemint was founded by Dhirendra Mahyavanshi and Anand Prabhudesai. It is an online platform that allows insurance agents to join and sell auto, health and life insurance.
In FY22, Turtlemint will collect total premiums of $234 million and wants this figure to grow to $2.5 billion by FY25.
In FY20, Turtlemint made a profit of Rs 3.6 crore and revenue doubled to Rs 46.8 crore.
The company was valued at over $200 million in March this year, people aware of the matter said.
“They have raised a lot of money in the last two years. They haven’t burnt much money but I don’t see why Policybazaar cannot out-execute them,” said an investor tracking the company.
People close to Turtlemint, however, said that it has honed its skills over the years by providing specialised content for a sales agent, setting up a wide network, and more recently, using the software-as-a-service model to enable end-to-end sales and renewals.
“If Policybazaar can be valued at $6 billion, Turtlemint can argue for a billion-dollar valuation. But stock market prices are volatile. It can fall by half in a few weeks of markets turn. So it may not be the right benchmark,” an investor in the space said.
Early-stage startups such as Verak, Loop Health, Plum Insurance and Onsurity have seen increased investor interest. Tiger Global is also an investor in Policybazaar and Plum.
Turtlemint was founded by Dhirendra Mahyavanshi and Anand Prabhudesai. It is an online platform that allows insurance agents to join and sell auto, health and life insurance.
In FY22, Turtlemint will collect total premiums of $234 million and wants this figure to grow to $2.5 billion by FY25.
In FY20, Turtlemint made a profit of Rs 3.6 crore and revenue doubled to Rs 46.8 crore.
The company was valued at over $200 million in March this year, people aware of the matter said.
“They have raised a lot of money in the last two years. They haven’t burnt much money but I don’t see why Policybazaar cannot out-execute them,” said an investor tracking the company.
People close to Turtlemint, however, said that it has honed its skills over the years by providing specialised content for a sales agent, setting up a wide network, and more recently, using the software-as-a-service model to enable end-to-end sales and renewals.
“If Policybazaar can be valued at $6 billion, Turtlemint can argue for a billion-dollar valuation. But stock market prices are volatile. It can fall by half in a few weeks of markets turn. So it may not be the right benchmark,” an investor in the space said.
Early-stage startups such as Verak, Loop Health, Plum Insurance and Onsurity have seen increased investor interest. Tiger Global is also an investor in Policybazaar and Plum.
