Turtlemint secures $120 million in Series E funding round

Turtlemint Insurance Services’ parent company Invictus Insurance Broking Services has secured $120 million ( ₹918 crore) in a Series E round of funding led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners.

with existing ones, new investors - Vitruvian Partners and Marshall Wace also participated. The company did not disclose its valuation details.

Earlier this year, a news portal reported that Turtlemint was in talks to raise its Series E round at a unicorn valuation. A unicorn is a privately-held startup with a valuation of at least $1 billion.

According to a source, the funding was raised at a valuation of over $900 million.

Founded in 2015 by former Quikr executives - Dhirendra Mahyavanshi, Anand Prabhudesai and Kunal Shah, Turtlemint has so far gathered $190 million in funding. It raised its first institutional funding from Blume Ventures in 2015.

The company has decided to invest the new fund to expand into new geographies and also strengthen its product portfolio. It recently expanded into the Middle East and also plans to enter Southeast Asia.

A portion of the funds will also be used to grow the leadership team. Turtlemint roped in Bajaj Allianz executive vice president Navvin Jaiin as its chief business officer last December.