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Insurtech behemoth Turtlemint acquires Pune based startup IOPhysics Systems



2021-12-04 10:07:20 Business

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Mumbai, 17.11.2021: Leading insurtech platform Turtlemint announced acquiring Pune based startup IOPhysics Systems today. IOPhysics’ founder and CEO Ashish Gawali will join the Turtlemint team as their VP - Data Science and Data Engineering, while the rest of the IOPhysics team will join the tech and data science verticals at Turtlemint. As a part of the deal, Turtlemint will also be taking over the IOPhysics IP and Product portfolio.

Passion Connect, the HR Advisory Unit incubated by Blume Ventures, played a crucial role in this acquisition. Led by Sanam Rawal, it implements innovative hiring techniques to find the perfect employee-employer fit for their startup portfolio. A structured and dedicated acquihiring and acquisitions vertical, led by Swati Gupta and her teammate Ayushi Verma, is one such technique.

According to Turtlemint co-founder Anand Prabhudesai, “As Turtlemint goes into the next phase of growth, data science and data engineering have become critical focus areas. Passion Connect recognised this need, leveraged its strong network in the startup community and connected us to various startup teams across domains. We loved the IOPhysics team, their IP and product since it allows developers to be cloud-agnostic and pick data platforms that suit the best need for the use case. We are excited and proud to join hands with them!”

IOPhysics has a highly talented tech team. The startup aims to help data scientists and data engineers derive intelligence from structured or unstructured data in real-time. As part of their Highway to a 100 Unicorns program, Microsoft for Startups recognised IOPhysics as the Most Innovative & High Potential startup across Tier-2 cities in India. Its USP is its flexibility to integrate any data with any public cloud data platform of choice and data visualisation tool – all with an easy to use interface.

According to Ashish Gawali, founder at IOPhysics, “When we were introduced to Turtlemint, we realised that both teams shared the same passion for improving people’s lives, even in remote pockets of the country. In addition, we have immense respect for the humility of their leadership team and the intelligence and experience that they come with. We’re delighted that Passion Connect reached out to us, and they have been a strong people partner during our acquisition journey!”

According to Sanam Rawal, Lead Talent Advisor, and Ayushi Verma from the Acquisitions and Acquihiring team at Passion Connect, “Over the last six years, we have worked relentlessly to connect founders to the right candidates and contribute positively to their growth journey. We saw the need for acquisitions and acquihires across startups since it helps build teams quickly while helping young startup founders leverage their entrepreneurship experience at scale. When Anand told us about their vision for a robust data science and engineering vertical, we knew that the IOPhysics team would be a good fit in terms of skill set and values. We congratulate both teams and wish them luck!”

Founded in 2015, Turtlemint has a unique hybrid (online-offline) model that empowers insurance advisors across the country with digital tools to navigate an otherwise cumbersome offline selling process at scale quickly. The company, which has raised $69 Million, is backed by Blume Ventures, GGV Capital, Sequoia Capital India, Nexus Ventures, Jungle VC, SIG, Amfam and Massmutual Ventures.

About Turtlemint

India-born insurtech platform Turtlemint, has grown significantly since its inception in 2015, to raise close to USD 69 million from marquee investors. A pioneer of the offline-online model, Turtlemint has a wide network of 1,25,000 insurance advisors (POSPs), trained and equipped to issue an insurance policy instantly to its prospective buyer via Turtlemint’s user-friendly and innovative digital platform. It empowers POSPs to sell insurance policies to consumers in their first language in every part of the country across 5,000+ metros, cities, and towns covering 14,000+ pin codes, thus ensuring last mile connect.

Company :-Adfactors PR

User :- Subhechha Mitra

Email :-subhechha.mitra@adfactorspr.com

Mobile:- +91 8697332073


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