SUMMARY
- Turtlemint’s insurance arm division saw a surge of 3.2 times in revenue, reaching Rs 505.05 crore in FY24.
- Turtlemint recorded a net profit of Rs 6.22 crore in FY24.
- The total expenditure of Turtlemint saw a 3.3 times increase to Rs 498 crore in FY24.
Turtlemint‘s insurance arm division saw a surge of 3.2 times in revenue, reaching Rs 505.05 crore in FY24 from Rs 156.5 crore in FY23, as detailed in the company’s annual financial report submitted to the Registrar of Companies.
Additionally, the Thane-based company reported other earnings, which included interest and various financial profits, amounting to Rs 1.48 crore, pushing the total revenue to Rs 506.5 crore.
This growth can be linked to its growing customer base and a rise in insurance brokerage activities across various segments such as motor, health, life, and general insurance. The company claims to have played a pivotal role in securing over Rs 2,000 crore in premiums over the last year.
Beyond its primary operations in insurance, Turtlemint is broadening its services through its Software-as-a-Service (SaaS) division, Turtlefin (Fintech Blue Solutions Pvt Ltd), aimed at serving banks, non-banking financial institutions, and e-commerce entities.
The total expenditure of Turtlemint saw a 3.3 times increase to Rs 498 crore in FY24. The company attributes this rise to an 11 times increase in POSP commission, which accounted for 61% of the total expenses, reaching 305 crore in FY24. Employee benefit costs rose by 82% from Rs 65.8 crore in FY23 to Rs 1,179.8 crore in FY24.
Turtlemint recorded a net profit of Rs 6.22 crore, a slight decrease from the profit of Rs 6.28 crore in FY23.
Established by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint has partnerships with over 45 insurers, including Reliance General Insurance, Bajaj Allianz, Digit, and ICICI Lombard. The company competes with the likes of Policybazaar and Coverfox. While Turtlemint focuses on agents, Policybazaar and Coverfox engage directly with consumers.
At the start of FY23, Turtlemint secured $120 million in its Series E funding round that brought its insurance operations closer to the unicorn status and played a crucial role in its expansion, more than tripling its size in the last fiscal year.
To date, Turtlemint has raised $190 million and was valued at approximately $900 million in its last equity round. Nexus and Peak XV are the leading shareholders with 24% and 20.83% stakes respectively.
