Turtlemint gets Series E funding of $120 million

Invictus Insurance Broking Services Pvt. Ltd, which runs insurtech platform Turtlemint Insurance Services Pvt. Ltd, on Friday said it has raised $120 million ( ₹918 crore) in a Series E round of funding led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners. New investors Vitruvian Partners and Marshall Wace, along with existing investors also participated, said Turtlemint in a statement, without disclosing its valuation details. Earlier this year, VCCircle 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.

A person close to the development said the funding was raised at a valuation of over $900 million. Turtlemint, which was founded in 2015 by former Quikr executives Dhirendra Mahyavanshi, Anand Prabhudesai and Kunal Shah, has raised $190 million in funding so far. It raised its first institutional funding from Blume Ventures in 2015.