Indian insurtech platform, Turtlefin, announced the acquisition of Last Decimal, an insurtech SaaS (software-as-a-service) company to strengthen its position in the market.
This transaction claims to accelerate Turtlefin’s growth trajectory by expanding its bancassurance business and market share with the addition of Last Decimal’s existing customers.
Founded in 2015 by Dhirendra Mahayavanshi and Anand Prabhudesai, Turtlefin claims to provide end-to-end tech solutions to enable insurance sales and services and digitise via comprehensive technology support for large enterprises like banks, insurers, e-commerce players and other distributors. According to a statement by the company, it has empowered its network of over 2,50,000 digital partners with digital tools that enable them to provide insurance policies to its customers.
The company raised close to $190 million from investors Jungle Ventures, Nexus Venture Partners, Amansa Capital, Sequoia Capital India, GGV Capital, Vitruvian Partners, Marshall Wace American Family Ventures, MassMutual Ventures, SIG, and Blume Ventures, Dream Incubator and Trifecta Capital.
Talking about the latest development, AS Narayanan, CEO of Last Decimal, said, "As an insurtech player, Turtlefin and Last Decimal have a shared vision of growth for our customers and insurtech segment. We will generate strong synergies and accelerate innovation through this collaboration, which will enable us to empower the insurtech growth story in India.”