With Turtlemint now maintaining profitability, the company is expanding into adjacent financial services such as mutual funds and loans. Invictus is also extending its enterprise services through Turtlefin, its software-as-a-service (SaaS) business, offering solutions to banks, non-banking financial companies, and e-commerce firms.
Turtlemint group registered under Fintech Blue solution is expanding its revenue streams beyond its core insurtech platform, including through acquisitions much larger than its handful of purchases so far.
Dhirendra Mahyavanshi, co-founder and chief executive of Turtlemint, said: “The natural progression for us is into all financial products. Our core insurance business has scaled up, is profitable, and performing well. Now, we’re concentrating on building adjacencies.”
Currently, the company’s core insurance business contributes 80-85% of its revenue, with the remainder coming from various other financial products and services under experimentation. Mahyavanshi highlighted that Invictus is also exploring new areas such as claims assistance packages and insurance for small and medium enterprises, aiming to offer comprehensive financial solutions to its customers.
Despite the profitability of its core business, Invictus anticipates achieving profitability in each of its emerging ventures within the next 2-3 years. The company recorded a total income of ₹1,572 crore in 2022-23, marking a 58% increase from ₹994 crore in FY22. Turtlemint has maintained profitability for the fourth consecutive fiscal year, with a profit after tax of ₹63 crore.
Founded in 2015 by Mahyavanshi and Anand Prabhdesai, Invictus operates the insurtech platform Turtlemint, the mutual fund advisory service Turtlemint Money, and the SaaS platform Turtlefin.
Invictus is also actively pursuing acquisitions, primarily to expand into new geographies like South-East Asia. Currently, the company has a presence in the UAE and Saudi Arabia. To date, it has made four acquisitions, including the Pune-based data science startup IOPhysics Systems and insurtech company Last Decimal.
Mahyavanshi explained: “Most of these acquisitions have been relatively modest, costing a few million dollars each. We are developing that capability. It’s a high-risk strategy, and once we feel more confident, we can start considering larger acquisitions in the range of $50 million.” He added that Turtlemint has established a small M&A team that has already reviewed more than a dozen opportunities.
