Turtlemint, an Indian startup offering insurance on an online platform, is reportedly in talks to raise $200m, which could value the firm at over $1bn.
Several investors including Tiger Global Management are in talks to participate in the funding round, Money Control reported, citing sources.
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Terms for the investment have not been finalised yet and could change, and there are chances of Tiger Global Management not investing at all, said the source to the publication.
Turtlemint began its business by offering an online platform for insurance agents where they can sell auto, health and life insurance products.
The firm was founded by Dhirendra Mahyavanshi and Anand Prabhudesai in 2015.
It is claimed to have over 120,000 advisors working to generate revenue of around $54m in the financial year (FY) 2022.
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By GlobalDataIt estimates to collect $234m in premiums in FY 2022 and aims to grow it to $2.5bn by FY2025.
Turtlemint also plans to go public in FY2025.
In 2019, the firm raised $25m in funding from the Indian arm of Sequoia Capital. The round was joined by existing investors including Nexus Venture Partners and Blume Ventures.
It raised over $75m in funding so far, and its most recent backers include Jungle Ventures and GGV Capital.
In March this year, the firm was valued at over $200m.
