Published: 11/18/2020

Good morning, it's Wednesday and we're back with a couple of cool stories today. But first off Vedica and I wanted to thank all of y'all for subscribing, today marks the 199th edition of the newsletter and it's been great fun writing about all the companies we love and admire (and some that we find skeptical). I haven't really been able to come up with any ideas so far for tomorrow's edition so if anyone has any ideas or suggestions please hit me up. Coming to the stories today, we have Turtlemint raising their Series D and MPL becoming Team India's kit sponsor.

  • https://tcrn.ch/36IQslr: Turtlemint raises a $30M Series D
  • ➡️ Indian Insurtech company Turtlemint announced that they have raised a $30M Series D. The round was led by GGV Capital, American Family Ventures, MassMutual Ventures and SIG; and existing investors Blume Ventures, Sequoia Capital India, Nexus Venture Partners, Dream Incubator and Trifecta Capital also participated in the round.

    ➡️ Insurance has clearly been on a ripper globally and in India over the last couple of months- we've seen two venture-backed insurance companies (Root & Lemonade) IPO this year and in India Acko and PolicyBazaar have raised $50M+ growth rounds each. India still seems to be underinsured as a country so it certainly makes sense why there's so much venture capital floating around the space.

    ➡️ Turtlemint, like many other insurtech companies, helps consumers identify and purchase the most appropriate insurance policies for them. One of the reason insurance cos struggle to sell to consumers is their reliance on on-ground advisors. And instead of bypassing these advisors and going direct to customers, Turtlemint embraces them and equips them with digital tools to offer wider and more relevant recommendations to its customers.

    ➡️ The company currently works with 40 insurance companies and as a broker it charges them a commission on the policies it sells. On the other hand, it works with over 100,000 advisors who then sell insurance products to millions of customers.

    ➡️ Another interesting thing the companies does is their education product for the financial advisors on the platform. They teach courses on financial products, advice-based sales techniques and other soft skills (necessary for any financial advisor) and currently 20,000 users are active on the platform each month.

    ➡️ The company plans to use the capital to build out its tech stack and grow its network of advisors, which will ultimately result in growing its customer base and a better experience for those customers. The network effects of this B2B2C co seems quite interesting.

    2. https://bit.ly/38TD3ti: MPL Sports is Team India's new sponsor

    ➡️ Today, the Board of Control for Cricket in India (BCCI) officially announced that MPL Sports will be the official kit sponsor and merchandise partner of the Indian Cricket Team. This will bring an end to Nike's 15 year association with Team India.

    ➡️ Nike had decided against renewing their deal with BCCI (worth ~$50M/yr) this year and it seems to have led to MPL winning the chance to be India's next sponsor (although its not certain how much their deal costs). MPL Sports is the merchandise brand of the eSports platform Mobile Premier League.

    ➡️It also seems like the MPL Sports website is quite new- they currently don't have any products that fans can purchase, though I would assume that will be coming soon with India's tour of Australia beginning next month.

    ➡️ The pace as which Indian startups have been sponsoring all things cricket has been fascinating. Paytm is India's title sponsor for domestic and international cricket matches, BYJU's is also one of the current sponsors and appears on the team's jersey and the last IPL was also dominated by startup sponsors- Dream11, CRED and Unacademy.

    ➡️ These sponsorships are certainly very lucrative since the entire country essentially follows cricket and their brand is well known throughout the country, but these sponsorships tend to be quite expensive as well. Historically, official cricket jerseys have been quite expensive as Nike products aren't terribly cheap so this might also serve as an opportunity for MPL to create and sell an Indian Cricket Team jersey that most of the country can buy.

    Feedback & ❤️ always appreciated BONUS (Tweet of the day): https://twitter.com/sahaprd/status/1328929678137102341

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