Mumbai: Insurtech platform Turtlemint has acquired Pune based cloud analytics startup IOPhysics Systems.
IOPhysics’ Founder and CEO Ashish Gawali will join the Turtlemint team as VP – Data Science and Data Engineering. While 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 its startup portfolio. A structured and dedicated acquihiring and acquisitions vertical, led by Swati Gupta and her teammate Ayushi Verma, is one such technique.
“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,” said Turtlemint Co-Founder Anand Prabhudesai.
“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,” added Prabhudesai.
IOPhysics’ highly talented tech team 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 and 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.
“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,” said Ashish Gawali, Founder – IOPhysics.
“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,” said Sanam Rawal, Lead Talent Advisor, and Ayushi Verma from the Acquisitions and Acquihiring team – Passion Connect.
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 insurtech startup has raised $69 million from Blume Ventures, GGV Capital, Sequoia Capital India, Nexus Ventures, Jungle VC, SIG, Amfam and MassMutual Ventures.