Turtlemint has garnered many headlines lately for its significant feats that it has made recently. The insurtech firm was able to raise $120 million in the Series E funding round at the start of the fiscal year 2023. This heavy funding brought it closer to achieving the unicorn status, whereby the firm is able to over triple the scale of operation within the last fiscal year. Crucially, the firm remained profitable during the period, marking an important milepost in its growth journey.
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The annual financial statement filed with the Registrar of Companies, too, indicated an equally surprising 3.2 times rise in revenues from operations, of ₹505.05 crores for FY24. Other income also earned in the process was ₹1.48 crores with significant portions as interest as well as other financial gains, thus putting together the revenue for the fiscal year just shy of ₹506.5 crores.
This fantastic growth can be attributed to an expanding customer base and improved insurance broking activities across all segments, such as motor, health, life, and general insurance. Turtlemint said it has helped over ₹2,000 crore worth of premiums in the last year, which shows a huge impact on the insurance market.
In addition to the primary insurance business, Turtlemint is aggressively pushing its enterprise offerings through SaaS vertical, Turtlefin (Fintech Blue Solutions Pvt Ltd). It looks to partner with banks, NBFCs, and e-commerce firms as it extends its diversified business model and multiple revenue streams.
As revenues of Turtlemint had surged, its total expenditures also skyrocketed 3.3 times to ₹498 crore in FY24. This is because the company’s rise was primarily attributed to an 11-fold POSP commission, which has amounted to 61% of the total expenses, adding up to ₹305 crore. Additionally, employee benefits saw an increase to ₹1,179.8 crore FY24, which represented an 82% surge from ₹65.8 crore FY23, considering more employees were hired to progress the company’s operations and growth.
Turtlemint had a net profit of ₹6.22 crore. It had declined by a small amount of ₹0.06 crore from the previous fiscal year’s ₹6.28 crore. Such a high growth and investment rate and still maintaining profitability points to good management strategies and operational efficiencies.
Founded by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint has secured strong tie-ups with over 45 insurers, including brands like Reliance General Insurance, Bajaj Allianz, Digit, and ICICI Lombard. Currently, the firm is competing with other players like Policybazaar and Coverfox, though it is different in its nature of business: being primarily an agency business that does not sell to the consumer directly.
Turtlemint, based on the startup data intelligence platform TheKredible, has raised $190 million in total so far. The company was valued at around $900 million in its last equity round. The largest shareholders in the company are Peak XV and Nexus, with 24% and 20.83% of shares, respectively.
Its great growth metrics and recent funding do indeed make Turtlemint a significant player in the insurtech space; at the same time, growth is accompanied by profits for profitability, and thus one leads in the fast-paced change of the insurance tech environment.
