Last month, insurtech platform Turtlemint began preparing for a public listing, aiming to raise USD 250M through an IPO and support its expansion as a full-stack insurance infrastructure player.

Selling Insurance, Building Trust

The year was 2015. India’s fintech story was just starting to take shape. 

That year alone, startups raised over $1.2B, and around 175 new fintech companies launched. Digital wallets were gaining traction, online investments were catching on, and everyone wanted to simplify their finances.

Yet, in the midst of all this, one sector remained overlooked, insurance distribution. In a country where financial products were still considered complicated and filled with paperwork, insurance felt even more distant.

Dhirendra Mahyavanshi and Anand Prabhudesai noticed this gap. 

Dhirendra had spent more than a decade at ICICI Lombard, one of India’s largest private insurers. He saw firsthand that most Indians did not actively purchase insurance; instead, it was sold to them by trusted local agents.

Anand came from a product and tech background, having worked at Yahoo and Quickr. When he spoke to Dhirendra, he saw an opportunity to build something different. They did not just create another app for metro customers, but a tool that made insurance more straightforward and more transparent at the grassroots level.

Instead of cutting agents out, they believed in empowering them. Families already trusted these agents. The missing piece was support and tools.

Their vision took shape as Turtlemint.

The name itself was thoughtful. In Indian and Eastern traditions, the turtle symbolises long life and security, precisely what insurance is intended to provide. 

Mint represented freshness and growth, a nod to their mission of helping people protect and grow their savings.

Turtlemint’s first product was a digital platform designed for agents to sell motor and health insurance with greater confidence. With it, agents could compare policies, generate instant quotes, and even issue policies on the spot, often while sitting in a customer’s living room.

Their idea’s clarity helped them secure a seed round of $2M in April 2015 at a valuation of $ 5.6M.

By 2016, the early signs were clear. Turtlemint wasn’t trying to disrupt for the sake of headlines. It wanted to build steady, reliable change, one advisor at a time just like its namesake turtle.

The Gap No One Was Solving

When Turtlemint started operations and released its product in 2016, over 90% of insurance policies in India were still sold through agents. 

In smaller towns and semi-urban areas, agents weren’t simply sellers. They were guides, helping families pick plans, understand fine print, and even handle claims years later.

Yet these agents worked in a broken system. 

They relied on handwritten forms and made multiple visits to customers' homes, often having to limit their focus to one or two insurance companies. They could not easily compare plans, explain options clearly, or process policies quickly. Customers were left confused and dependent, and agents struggled to build trust at scale.

While online players focused on metro cities, this large group, nearly 1 Cr agents nationwide, remained unsupported. No one was building technology for them.

Turtlemint stepped in to change this. They designed a mobile-first platform that enables agents to compare policies from over 20 insurers, generate a quote on the spot, and complete paperwork digitally. Even renewals and claims tracking could be handled smoothly.

The app was simple, focused, and designed with agents' daily realities in mind.

Turtlemint’s approach was quiet but radical. It trusted that agents could be the strongest bridge to Indian households if they were given the right tools.

It clicked.

By the end of 2016, as early traction became visible, Turtlemint secured a Series A round of $7 million at a valuation of $20 million in December 2016.

Over the next year, Turtlemint had onboarded approximately 25,000 agents across 700 cities, reaching more than 20 lakh customers. In many tier-2 and tier-3 towns, agents using Turtlemint felt more like advisors than ever before. They were no longer limited to products or slow manual processes.

This approach aimed to empower agents to serve better, earn more, and foster deeper trust within their communities.

Turtlemint’s bet on empowering the last-mile agent started showing that sometimes, the strongest growth comes from supporting what already works, rather than trying to reinvent it entirely.

Winning Trust, One Agent at a Time

After seeing strong early traction and a large round, Turtlemint began thinking bigger. 

The product had already demonstrated that agents were ready to adopt digital tools, and customer reach was expanding rapidly through word of mouth.

Turtlemint had a low customer acquisition cost (CAC) because it did not spend money on big marketing campaigns to reach end consumers directly. 

Instead, agents who already had trusted relationships in their communities brought customers onto the platform themselves.

At the same time, insurance is a high lifetime value (LTV) category. 

Once a person buys an insurance policy, they often stay with it for years and renew it annually. Over time, they may also purchase other policies, such as health, accident, or term life insurance, through the same agent. This repeat business means each customer can generate steady income for many years.

Combining low CAC and high LTV is rare and valuable. 

Most companies must invest heavily to acquire each new customer, and many customers may not stay long enough to make that investment worthwhile. But with agents as trusted partners, Turtlemint could keep acquisition costs low and build a loyal, long-term customer base through renewals and cross-sales.

It was clear to investors: the agent-led model in insurance had not yet been properly digitised, and Turtlemint was unlocking that potential. In a way, Turtlemint was doing for insurance agents what Udaan was doing for kirana stores by giving them digital leverage to compete and grow.

With this strong foundation, Turtlemint raised a Series B round of $25M at a valuation of $ 53 million in July 2018. 

At this point, its trailing twelve-month revenue was around ₹20 crore.

The money was not used for ad campaigns or quick expansion. Instead, Turtlemint doubled down on helping agents succeed. They invested in on-ground training programs, built easy-to-understand digital learning content, and expanded the product portfolio to include life and other niche insurance categories.

On the technical side, they streamlined policy issuance, added renewal reminders, and simplified claims tracking, enabling agents to support customers at every stage.

Turtlemint also expanded its presence into smaller towns, established regional support teams, and strengthened its local networks.

By focusing on strengthening agents and providing them with more products and tools, Turtlemint built a moat that was difficult to replicate. Each new feature deepened agent loyalty and kept them coming back.

A Market Waiting to Be Unlocked

By 2019, Turtlemint had built a strong foundation with agents, but the bigger picture was even more exciting. India’s insurance market was large, growing, and still widely underpenetrated.

Life insurance in India contributed approximately 3.2% of the country's GDP, while general insurance accounted for less than 1% of the country's GDP. Compared to global averages, these numbers showed huge room for growth. 

In absolute terms, India’s total insurance premium pool was already nearing $130 billion by 2024, and it was expected to surpass $150 billion by 2026 as more people sought financial protection.

Despite this, over 90% of insurance policies were still sold through agents. Just 15% of the over 1 Cr insurance advisors across the country used any digital platform to help them sell or manage policies. While other insurance companies tried to sell directly, Turtlemint took this wedge for its customers.

That was the whole idea. 

If even a small percentage of these agents adopted digital tools, the overall efficiency and trust in the system could improve significantly. Agents could sell more effectively, serve a greater number of customers, and contribute to the overall market growth.

Beyond the traditional market, another new layer of opportunity was emerging: embedded insurance. 

This means offering insurance at the point of sale for other products and for example, adding travel insurance when booking a flight, or health coverage when signing up for a gym membership. 

As e-commerce, mobility services, and fintech apps have grown, these "invisible" insurance touchpoints have started becoming more common. This opened new distribution rails beyond the traditional agent network and expanded the total market potential even further.

Globally, there were also interesting signals. 

There were striking similarities between India’s insurance landscape and that of other emerging markets, especially in the Middle East and Southeast Asia. These markets shared the same issues: low insurance penetration, a large base of agent-led distribution, and minimal use of technology by advisors and brokers.

Many countries in Southeast Asia and the Middle East had insurance markets that relied heavily on agents. In these regions, agents played a similar role to their Indian counterparts: trusted, local advisors guiding families on critical financial decisions. But like in India, they lacked strong digital support.

The MENA (Middle East and North Africa) insurance market, for example, had been growing fast. The GCC region was expected to surpass $36 billion in gross written premiums by 2026, with the UAE alone accounting for approximately $15 billion of that total.

Turtlemint saw this as an opportunity to expand its offering globally. Its early moves into the Gulf Cooperation Council (GCC) region, including partnerships with banks and brokers in the UAE, showed that their agent-first, tech-enabled approach could work outside India too.

All of this meant that Turtlemint was sitting on a model that had the potential to scale across emerging markets, wherever agents formed the backbone of insurance distribution and needed better tools to serve their customers.

By FY20, Turtlemint’s revenue had almost doubled from ₹40 crore in FY19 to ₹76 crore. The COVID-19 pandemic further accelerated digital adoption, and Turtlemint’s focus on empowering agents in tier-2 and tier-3 cities began to pay off.

For a company built patiently, one agent at a time, the size of the market and the new ways to reach customers pointed to a future far bigger than anyone had first imagined.

Building a Strong Core

Turtlemint’s high-growth phase had begun to be unlocked. 

While many companies pursued growth through expensive marketing and aggressive discounting, Turtlemint continued to focus on strengthening its core, the agent network.

From FY18 to FY22, Turtlemint’s revenue grew at a 107% CAGR, reaching nearly ₹100 crore in FY22, all while remaining profitable for the last three years of this period.

At the heart of this growth was a solid revenue engine. 

About 90 to 95% of its revenue came from commissions on policies sold by advisors. SaaS-based tools, such as TurtleMint Pro and TurtleFin, contributed the remaining share.

TurtleMint Pro equipped advisors with digital solutions to generate leads, customise insurance offerings, and manage client relationships more effectively. 

Meanwhile, TurtleFin acted as an API layer, allowing large financial institutions to integrate Turtlemint’s technology stack and provide faster claim support and seamless policy issuance to their customers.

These services strengthened the advisor’s ability to serve customers better, personalise policies, and improve lifetime value.

Turtlemint approached monetisation carefully. 

Instead of expanding rapidly with untested ideas, it chose to scale only after each feature and product had proven value, all while keeping advertising spends low.

Much of this was made possible by Turtlemint’s core belief in its PoSP, or Point of Sale Person, model.

While other platforms were busy building direct-to-consumer channels, Turtlemint backed the idea that insurance would remain a “push” product in India, best distributed through trusted advisors.

By enabling advisors to sell brand-agnostic policies quickly, Turtlemint reduced turnaround times (TAT) and increased customer satisfaction. 

This positioning created a structural advantage.

Unlike online aggregators like Policybazaar, which rely on salaried telemarketers and high fixed costs, Turtlemint’s advisors operated entirely on a commission-only basis. This asset-light model helped keep fixed costs low and avoided large media and telemarketing expenses.

Moreover, advisors brought their customers, keeping customer acquisition costs (CAC) low. 

Many satisfied agents also became advocates, driving 65 to 70% of new growth through referrals, particularly in non-metro cities where advertising has a limited impact.

Engagement levels remained strong as agents repeatedly used the platform for renewals, upsells, and claims support. Alongside this, investments in better underwriting, digital KYC, and multi-insurer APIs continuously improved agent productivity and turnaround times.

All of this combined to create a powerful flywheel, driven by agent trust, strong technical rails, and practical workflow tools that feed into each other.

With this lean and scalable operating model, Turtlemint achieved something rare in India’s insurtech landscape: scaling profitably and sustainably, proving that steady growth can be just as exciting as rapid expansion.

Scaling the Agent Network

When COVID hit in early 2020, India’s insurtech sector faced a major turning point. 

The initial months were challenging, with uncertainties and disruptions everywhere. It quickly became clear that insurance would move from a “nice-to-have” to a “must-have” in many households.

As customers became increasingly aware of the financial risks associated with unexpected medical expenses, demand for health insurance rose sharply. Offline sales channels were severely impacted, prompting advisors to adopt digital solutions at a faster pace than ever before.

Turtlemint, with its strong agent-first digital platform, emerged as a key beneficiary of this shift. 

The company offered tools that helped advisors sell policies remotely, provide personalised recommendations, and manage renewals and claims digitally, all of which were critical during a time of social distancing and movement restrictions.

By seizing this moment, Turtlemint’s advisor base grew 4.7x, expanding from around 50,000 pre-COVID to 2.35 lakh within 12 to 18 months. 

Policy sales followed, reaching 3.5 million policies per year by FY22, with health insurance accounting for nearly 65% of the total volume.

Macro trends also supported this growth. Regulatory changes in India, such as the introduction of the sandbox framework, expansion of PoSP (Point of Sale Person) licensing, and an increase in the FDI limit from 49% to 74%, have boosted investor confidence.

Between 2020 and 2022, Indian insurtech players collectively raised approximately $2.5 billion, led by significant events such as Policybazaar’s landmark IPO in 2021, which valued the company at around $ 6.15 billion.

Riding this wave, Turtlemint raised two key funding rounds, Series C and Series D, aggregating $46M. The primary focus of these funds was to strengthen tech capabilities, improve digital distribution models, and support further expansion.

With a strong balance sheet, a fast-growing network of digitally empowered advisors, and favorable regulatory and market tailwinds, Turtlemint was well-positioned to double down on growth. 

By 2022, the company had set its sights firmly on deepening its presence across India and accelerating its global ambitions.

Staying Ahead in the Distribution Race

Over the last decade, India’s insurtech industry has transformed. 

From D2C aggregators spending crores on prime-time ads to digital underwriters building full-stack ecosystems, every player claims to make insurance simpler. But each approach reveals where their true moat lies.

For Policybazaar, that moat is pure distribution. 

As the flagship online insurance aggregator, they built a digital-first brand that made insurance as easy to buy as a phone case. By turning comparisons into clicks, they dominated online distribution, holding a 93.4% share of that pie. 

In 2023 alone, they sold over 42 million policies, with ₹20,000 crore in premiums and ₹3,400 crore in revenue, ultimately achieving profitability.

Then came the full-stack challengers, such as Acko and Digit. 

Unlike aggregators, they underwrite their policies, manage claims, and carry the financial risk. Entirely digital and direct-to-consumer, both did around ₹2,000 crore in revenue in FY23 but at a steep cost. Heavy marketing spends and in-house claim management pushed them deep into losses, showing that scale can be expensive when you own the entire value chain.

Meanwhile, NBFCs like HDFC Credila and fintechs like Paytm cross-sold insurance as a side offering.

But for them, insurance was an add-on, not a core business. Their reach was limited to existing customers, lacking depth in claims and renewals.

Then there’s the PoSP (Point of Sale Person) model, which empowers India’s 2.5 million insurance agents. The number has nearly quadrupled since the onset of the pandemic. Both RenewBuy and Turtlemint have built strong PoSP digital platforms, but their strategies differ sharply.

RenewBuy chased rapid growth, scaling to over 1 lakh active agents across 1,500 cities. 

In FY24, the company reached ₹410 crore in revenue; however, this was offset by a ₹114 crore loss, driven by aggressive onboarding, tech investments, and high servicing costs. 

Its 2022 acquisition of Artivatic added AI-led underwriting, but also strained its finances. While the platform appears digital, it still relies on high-touch field operations, resulting in slower cash cycles and thinner margins.

Turtlemint, in contrast, has focused on building deep infrastructure. 

By FY24, it posted ₹506 crore in revenue with a rare profit of ₹6.2 crore. Its 2.5 lakh agents can offer policies from over 50 insurers, all through one app.

Turtlemint’s enterprise arm, Turtlefin, adds another layer of defensibility. With plug-and-play APIs and backend workflows, it integrates deeply into banks, NBFCs, and insurers, making it difficult to replace and sticky.

Instead of just capturing market share, Turtlemint is embedding itself as the operating backbone for insurance distribution in India by shaping the entire system from within.

Stands on the Backs of Turtles

As of 2025, Turtlemint has become one of India’s leading forces in insurance distribution.

The company has helped facilitate over five crore insurance policies, empowered more than 2.5 lakh agents, and built deep integrations with over 50 insurance partners.

Its revenue in FY24 crossed ₹500 crore, supported by both agent-led commissions and growing SaaS revenues from its enterprise offerings. Despite its large scale, Turtlemint managed to stay profitable.

However, this growth has come with some costs. 

Turtlemint’s total expenses stood at ₹496 crore. Around ₹119 crore was spent on employee costs, reflecting its investment in building strong tech, product, and support teams. 

The larger share, approximately ₹330 crore, was allocated to sales and distribution expenses, primarily in the form of commissions to its agent network. These high commission payouts are not uncommon in the insurance industry. They remain essential for motivating agents and driving widespread reach, especially in tier-2 and tier-3 towns where personal relationships matter most.

To support its growth and new ambitions, Turtlemint has raised over $190M in funding so far. Its most recent Series E round in 2022 brought in $120M, valuing the company between $900M and $950M, putting it just shy of unicorn status. 

In March 2025, it secured an additional $100 million in debt financing to strengthen its embedded insurance technology and expand its global distribution capabilities.

Turtlemint has also started to look beyond insurance. 

It launched Turtlemint Money, a platform for mutual fund distribution, which is registered with the AMFI. In many smaller cities, insurance agents also act as informal financial advisors. Offering mutual funds helps agents deepen these relationships and earn more from the same customers.

The company is also exploring products like loans, claims assistance packages, and SME insurance solutions. Each new product is a way for agents to increase their income and for Turtlemint to grow its revenue without needing to acquire new customers.

On the enterprise side, Turtlefin has become a strong growth driver. 

This SaaS platform enables banks, NBFCs, and e-commerce firms to integrate insurance offerings seamlessly into their customer journeys. Turtlefin has already connected with over 40 insurance companies and supports banks in digitising their entire insurance sales process through plug-and-play APIs.

By 2025, Turtlemint is evolving into a broader financial services enabler that is powered by technology, supporting of agents, and built for steady, long-term growth.

Becoming Insurance’s Operating System

Looking ahead, Turtlemint’s ambition is clear. 

It aims to become the core infrastructure layer for distributing insurance and financial products across emerging markets globally.

The first part of this vision focuses on expanding into new product lines. 

Turtlemint has already entered the mutual fund distribution market with Turtlemint Money and is actively exploring opportunities in loans, SME insurance solutions, and claims assistance services. In many tier-2 and tier-3 cities, agents act as trusted financial advisors, making it natural to offer these additional products through the same network. 

This strategy not only increases agents’ incomes but also boosts Turtlemint’s revenue without needing to find new customers.

The second pillar is deepening its enterprise play. 

Through Turtlefin, Turtlemint aims to become an essential tech partner for banks, NBFCs, and fintechs. By providing plug-and-play APIs and backend systems, Turtlefin enables these institutions to embed insurance into their customer journeys seamlessly. Once integrated, the switching cost becomes high, making Turtlemint’s position even stronger. 

Recent acquisitions, like data science startup IOPhysics Systems and insurtech firm LastDecimal, support this push by strengthening analytics and bancassurance capabilities.

The third pillar is geographic expansion. 

Turtlemint is targeting Southeast Asia and the Middle East, regions with strong agent-led models and growing digital readiness. These markets share similarities with India in distribution practices, making Turtlemint’s model easier to adapt. 

Planned acquisitions in these regions will enable the company to gain local expertise, navigate regulations, and leverage established networks.

Within India, Turtlemint already has a strong foothold in motor insurance in smaller cities. It now aims to leverage this foundation to cross-sell additional health insurance products through the same trusted agents.

A key enabler across all these pillars is AI and machine learning. Turtlemint is investing in "agentic AI" - tools designed to help agents recommend the best policies, automate paperwork, and improve customer interactions. Early results suggest that AI can reduce administrative costs by up to 20-25%, making processes faster and more affordable for mass-market users.

On the capital side, Turtlemint is preparing for an IPO, aiming to raise $200M to $ 250M. These funds will help scale new products, drive international expansion, and deepen tech capabilities. For context, Go Digit’s ₹1,124 crore IPO in 2024 showed that investor appetite for insurance tech is strong.

While the first wave of Indian fintech focused on access and awareness, Turtlemint’s next chapter is about institutionalising trust and building the backbone of insurance distribution for the following billion users.

Writing: Parth, Ajeet, Mazin, Nilesh, Raghav, Tanish and Aviral Design: Omkar