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$120 M secured by Insurtech startup Turtlemint from Amansa Capital, others

Turtlemint, an insurtech firm, said on Friday that it had secured $120 million in a round-headed by Amansa Capital, Jungle Ventures, and Nexus Venture Partners. According to a source close to the situation, the online platform for obtaining insurance has finished its current fundraising round at a valuation of $900-950 million. New supporters Vitruvian Partners and Marshall Wace, as well as other current investors, contributed to the financing.

Turtlemint plans to use the additional money to grow into new markets, increase its leadership team, and improve its product range.

Turtlemint is a Mumbai-based platform that enables financial advisers understand and distribute insurance to their community of consumers. It was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai. Its goal is to provide digital solutions to help these advisers adapt to the unique demands of each consumer.

To date, the business has raised $190 million, including this round. Turtlemint has said that it plans to grow into other markets, including Southeast Asia. It recently branched out throughout the Middle East.

In India, the insurance startup has 160,000 insurance advisors spread over 15,000 pin codes.

 

 

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