Turtlemint’s Financials, Revenue, Profit, Valuation & Shareholding Overview (2025)
Legal Name: Turtlemint Insurance Broking Services Private Limited | CIN: U66000MH2013PTC249565
Turtlemint, co-founded by Anand Prabhudesai, Dhirendra Mahyavanshi, and Kunal Shah, is a leading Indian insurtech company that revolutionizes insurance distribution through a strong agent-led model. Founded in 2015, Turtlemint empowers insurance advisors with digital tools to recommend and sell insurance products across health, motor, and life segments. The company focuses on simplifying insurance for underserved markets, particularly Tier 2 and Tier 3 cities, and aims to bridge the knowledge gap in insurance awareness. With a robust POSP (Point of Sale Person) network and growing partnerships with top insurance companies, Turtlemint has rapidly expanded its footprint across India. Backed by leading global investors, Turtlemint is also eyeing international markets and product diversification to further strengthen its market position and value proposition in the coming years.
| Metric | Detail |
|---|---|
| Founding Year | 2015 |
| Headquarters | India |
| Revenue FY23 | ₹250 Cr |
| Revenue FY22 | ₹180 Cr |
| Profit/Loss FY23 | Net Loss (~₹35 Cr) |
| Total Employees FY23 | ~580 |
| Round | Date | Amount Raised | Valuation | Investors |
|---|---|---|---|---|
| Series E | Feb 2022 | $120 million | ~$900 million | Jungle Ventures, Amansa Capital, GGV Capital |
| Series D | Nov 2020 | $30 million | — | Sequoia India, Nexus VP |
| Series C | Jul 2019 | $25 million | — | Sequoia India, Blume Ventures |
| Series B | Jun 2017 | $10 million | — | Nexus VP, Blume Ventures |
| Series A | Apr 2016 | $5 million | — | Nexus VP |
Turtlemint’s revenue increased from ₹180 Cr in FY22 to ₹250 Cr in FY23, with projections of ₹310 Cr in FY24. Losses have narrowed, reflecting operational improvements and higher market penetration.
Expense ratios have declined steadily from 80% in FY22 to 55% projected in FY24, indicating improved operational efficiency as scale and agent network expansion drive better cost leverage.
Turtlemint’s team grew from ~450 in FY22 to ~580 in FY23, with plans to reach ~650 in FY24, supporting new product verticals and geographic expansion including GCC markets.
- Expand agent-led insurance network to underserved cities.
- Introduce new verticals in health and vehicle insurance.
- Build partnerships with hospitals and diagnostics.
- IPO plans are deferred as focus shifts to operational efficiency and global growth.
Turtlemint continues to grow its POSP base, introduced instant claim filing, and announced entry into GCC regions, signaling its ambitions to become a global insurtech player.
| Metric | Detail |
|---|---|
| Revenue Growth | Strong and steady |
| Profitability | Loss-making, narrowing |
| Employee Growth | Continued expansion |
| Market Position | Leading insurtech innovator |
Turtlemint’s growth trajectory showcases strong adoption across India’s insurance market, with a sharp focus on operational efficiency and new geographies. Its agent-centric approach and technological innovations pave the way for future leadership. Make smarter business decisions with verified insights on companies and directors. Visit Affluense.ai to learn more.
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