Turtlemint pulls in $120m, inches closer to unicorn status

Mumbai-based InsurTech startup Turtlemint, has raised $120m in a Series E funding round led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners.

The round also saw participation from new investors Vitruvian Partners and Marshall Wace, along with the company’s other existing investors, bringing the total funding raised to date to $197m.

Reports suggest the round brought Turtlemint closer to unicorn status, now valued at $900m.

Founded in 2015, Turtlemint strives to make it easy to understand and buy insurance. The company’s intent is to “demystify” insurance by explaining the jargon in a simple way and providing smart tools to help users make the right choice.

The InsurTech has a team of insurance advisors available on chat, phone and in-person to help users with purchase and claim services. The company currently offers car insurance, bike insurance, health insurance and term life insurance.

In an announcement of the funding round on LinkedIn, Turtlemint said, “Our objective goes beyond increasing insurance penetration across India. We intend to change the way all of us think about insurance, too.

We shall continue to work relentlessly towards achieving these objectives; as newer investors repose their trust in us.”

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