Turtlemint Acquires Cloud Data Analytics Startup IOphysics Systems

Insurtech platform headquartered in Mumbai turtle coin announced the acquisition of Pune-based cloud data analytics company, IOphysics Systems, for an undisclosed amount.

With the acquisition, Turtlemint will also own IOphysics’ IP and product portfolio, which will be used by the insurtech platform for internal purposes, the startup said in a statement.

Turtlemint, however, did not comment on the nature of the deal, whether cash or equity.

With this acquisition Ashish Gawali, CEO, IOphysics, will join Turtlemint as vice president of data science and data engineering, while the rest of the team will join Turtlemint’s tech and data science teams.

Venture capital firm Blume Ventures incubated HR services unit Passion Connect managed the acquisition.

Earlier this year, Turtlemint had raised $46 million in a Series D round, in which GGV Capital, Jungle Ventures and others participated. To date, the startup has increased $69 million from institutional investors.

Turtlemint Co-Founders

Why it matters

Founded in 2015 by former Quikr executives Anand and Dhirendra Mahyavanshi, Turtlemint works a marketplace for buying insurance connecting customers and advisors. It offers third-party insurance products such as life insurance, health insurance, and others.

Turtlemint has a strong offline presence through its distributor network and has a network of 1.25 lakh insurance advisers.

Adding strong data science capabilities boosts the platform personalization and recommendations to its insurance partners.

“As Turtlemint enters its next growth phase, data science and data engineering have become critical areas of focus. Passion Connect recognized this need, leveraging its strong network in the startup community and connecting us with several startup teams in different domains,” said Anand Prabhudesai, co-founder of Turtlemint, in a statement.

He added: “We loved the IOphysics team, their IP and product, because it allows developers to…

cloud agnostic and choose data platforms that fit the best need for the use case.”

the big picture

According to various media reports, Turtlemint watched the unicorn tag with a new round of funding estimated at $200 million. The market is bullish with rival PB Fintech, owner and operator of insurance aggregator PolicyBazaar, taking out its Rs 5,700 crore IPO, which was subscribed 16 times.

Other insurtech companies, including Acko and Digit Insurance, are also part of the unicorn club.

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