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Turtlemint emerges from its shell seeking opportunities beyond insurance; bulks up for acquisitions

LivemintLivemint · 10m ago
Turtlemint emerges from its shell seeking opportunities beyond insurance; bulks up for acquisitions
Medial

Invictus Insurance Broking Services, the parent company of Turtlemint Insurance Services, is diversifying its revenue streams by venturing into adjacent financial services and exploring acquisitions. The company aims to expand its offerings beyond core insurance through its insurtech platform. It plans to enter new geographies, such as South-East Asia, through acquisitions and is actively seeking opportunities. Turtlemint has maintained profitability and is now focusing on building adjacencies, including mutual funds, loans, and enterprise services. Invictus aims to provide comprehensive financial solutions and achieve profitability in each of its emerging businesses within 2-3 years.

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Dailyhunt parent ‘hungry’ for acquisitions to drive core business growth

LivemintLivemint · 1y ago
Dailyhunt parent ‘hungry’ for acquisitions to drive core business growth
Medial

VerSe Innovation, the parent company of Dailyhunt and Josh, is actively seeking acquisitions to expand its user base, diversify content offerings, and explore monetization opportunities. The company recently acquired US-based subscription service Magzter to enter international markets and the premium subscription segment. VerSe Innovation aims to finance acquisitions using its existing cash reserves, with over $100 million in dry powder. The company has also seen steady revenue growth from online advertising and subscriptions, while its short-video app, Josh, achieved an annual recurring revenue of $100 million. VerSe is targeting acquisitions to strengthen its core business and drive growth.

Square Insurance secures $3 Mn in pre-Series A round

EntrackrEntrackr · 11m ago
Square Insurance secures $3 Mn in pre-Series A round
Medial

Insure-tech startup Square Insurance has secured $3 million (Rs 25 crore) in a pre-Series A round co-led by BizDateUp and Negen Capital along with participation from prominent investors such as Prashant Kothari, and Yogesh Chaudhary. The fresh funds will be utilised to enhance its technology infrastructure, focus on improving AI-driven insure-tech platform and enhance the customer experience, Square Insurance said in a press release. Founded in 2016 by Rakesh Kumar, Square Insurance aims to structure insurance solutions which provide quality protection with value pricing. It plans to invest in creating customised micro-insurance products in collaboration with leading insurers and forming strategic partnerships with fintech and e-commerce companies. These efforts will expand its reach and impact, transforming insurance accessibility in underserved markets. According to the Jaipur-based company, it intends to open 25-30 new offices in tier II and tier III cities, enhancing its ability to serve a larger customer base. As per the company, the expansion will improve insurance product comparisons and post-policy services for both channel partners and customers. According to market research, the Indian insurance industry is growing at an impressive rate of 32-34% annually and the sector has attracted nearly Rs 54,000 crore ($6.5 billion) in foreign direct investment. The other notable startups in this space are Turtlemint Insurance, Riskcovry, Coverfox, Toffee Insurance, Digit Insurance and others.

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