Insurance Startup Turtlemint Nears Unicorn Status With New Round
- Indian company targets consumers outside country’s big cities
- Less than 5% of nation’s consumers have insurance coverage
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India’s Turtlemint raised $120 million in a round led by Amansa Capital, Jungle Ventures and Nexus Venture Partners, gaining funds for expansion as a swath of technology-driven companies race to sell insurance policies in an under-penetrated market.
Vitruvian Partners, Marshall Wace and early Turtlemint investors also participated in the Series E round. The Mumbai-based company reached a “slightly less than unicorn valuation” in the deal, co-founder Dhirendra Mahyavanshi said Friday, referring to the tech industry’s term for startups valued at $1 billion or more.