Turtlemint, an India-based startup focused on assisting individuals in finding and securing suitable insurance coverage, has secured $30 million in a recent funding round. This investment will enable the company to expand its reach to more users in smaller cities and towns throughout India, the world’s second-largest internet market.

This funding, designated as the Mumbai-based startup’s Series D round after five years of operation, was spearheaded by GGV Capital. Additional participation came from American Family Ventures, MassMutual Ventures, and SIG, alongside existing investors including Blume Ventures, Sequoia Capital India, Nexus Venture Partners, Dream Incubator, and Trifecta Capital. This latest round brings Turtlemint’s total funding to $55 million.

Currently, a small percentage of India’s 1.3 billion citizens have insurance coverage. Data from rating agency ICRA indicates that less than 3% of the population had access to insurance as of 2017. The average annual income for an Indian citizen is approximately $2,100, as reported by the World Bank. ICRA also found that those Indians who did purchase insurance spent less than $50 on it annually in 2017.

Several startups in India are working to transform this market. Recent reports from Goldman Sachs analysts estimate the Indian online insurance market to be valued at $3 billion, attracting significant interest from major companies like Amazon and Paytm.

A key challenge for established insurance companies is their heavy reliance on in-person advisors for sales.

Turtlemint emphasizes that these advisors “are essential in connecting with customers in tier 2 and 3 cities and towns, where limited physical presence of insurance companies hinders easy access to insurance products and information.”

Turtlemint partners with more than 40 insurance providers in India, functioning as a broker and earning commissions on policies sold. The startup has already acquired a customer base exceeding 1.5 million.

“Turtlemint is positioned to positively influence India’s economy by creating products tailored for micro-entrepreneurs and the growing middle class,” stated Hans Tung, managing partner at GGV Capital. “Dhirendra, Anand, and their team have developed a remarkable platform that empowers over 100,000 local financial advisors with digital tools to prioritize customer needs, helping Indian families secure the best available insurance options.”

In a recent interview with TechCrunch, Turtlemint co-founder Anand Prabhudesai explained that the new funding will be used to expand the advisor network and enhance the technology infrastructure to further improve the customer experience. The company currently provides training for these advisors and has developed tools to facilitate digital customer engagement.

“Ongoing education is crucial for success as a financial entrepreneur. To support this, we’ve launched an online learning platform offering a variety of courses on financial products, sales strategies, and essential soft skills. Our content is now available in seven regional languages, with over 20,000 active learners each month on our edtech platform. Many of these are new advisors beginning their careers. Our goal is to empower one million successful financial entrepreneurs over the next 3-5 years,” he said.