Insurance platform Turtlemint leases 35,000 sq ft office near Mumbai airport

Sequoia Capital backed-Invictus Insurance Broking, which operates online insurance platform Turtlemint and one of its group companies Fintech Blue Solutions have leased over 35,000 sq ft office space at The ORB complex near the Mumbai airport.

These companies have leased the space for a five-year tenure from Chalet Hotels, a K Raheja Corp company. The occupiers will be paying rentals worth around Rs 28 crore during the total term of the lease.

“The opening of our new office at The ORB, is an important step to cater to the increasing number of employees we are adding to realize the company goals. The new office will provide us with room to grow… we steadily plan to grow our partnerships and collaborate with other players in the industry,” said Dhirendra Mahyavanshi, Co-founder & CEO, Turtlemint.

The ORB is located close to the airport and Andheri suburb of Mumbai, an overall fast-growing commercial and business hub.

ET’s email query to K Raheja Corp remained unanswered until the time of going to press.

International property consultant JLL India acted as the transaction advisor.

“Mumbai is one of the cities that has witnessed the maximum percentage of employees returning to the office and this momentum will lead to the demand continuing to be strong in the future as well,” said Karan Singh Sodi, regional managing director, Mumbai & Ahmedabad, JLL.

Office demand has made a strong comeback. The first nine months of 2022 have witnessed record net absorptions backed by strong supply completions with healthy pre-commitments.

India’s office property market has touched a three-year high of 30.3 million sq ft during the nine-month ended September backed by robust supply completions with healthy pre-commitments.