With New Round Insurance Startup Turtlemint Nears Unicorn Status

India’s Turtlemint brought $120 million in a round drove by Amansa Capital, Jungle Ventures and Nexus Venture Partners, acquiring assets for development as a swath of technology-driven companies race to sell insurance policies in an under-penetrated market.

Vitruvian Partners, Marshall Wace and early Turtlemint financial backers likewise also participated in the Series E round. The Mumbai-based company came to “slightly significantly less than unicorn valuation” in the deal, prime supporter Dhirendra Mahyavanshi said Friday, referring to the tech industry’s term for startups valued at $1 billion or even more.

The Sequoia Capital-backed startup will use the funds to expand to new geographies, particularly the Middle East and Southeast Asia, as well concerning invest in its distribution, underwriting and claims technology.



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