Indian insurance startup Turtlemint has raised $120m in a funding round led by Amansa Capital, Jungle Ventures and Nexus Venture Partners.

New backers Vitruvian Partners and Marshall Wace along with existing investors also joined the Series E round. 

Turtlemint will use the proceeds to expand into new markets, with a focus on the Middle East and Southeast Asia.  

The funds will also be used to upgrade the product portfolio, bolster the leadership team, and enhance the distribution, underwriting and claims technology. 

According to media reports, the latest funding round values Turtlemint at more than $900m. 

Dhirendra Mahyavanshi and Anand Prabhudesai founded the insurance platform in 2015. 

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It trains insurance agents or advisors in small cities and towns to help them sell insurance to their customers. 

Currently, the platform claims to have more than 160,000 insurance advisors working across the country. 

Mahyavanshi noted Turtlemint sells around 12,000 insurance policies daily that include health, life, personal accident, and auto insurance covers and has reached an annual revenue run rate of $380m. 

Mahyavanshi said: “The insurance industry in India is at the cusp of transformation and we are proud to be playing a catalytic role in this journey. Insurance is an important risk mitigation tool that needs to be universally accessible.”

“While we target to onboard one million-plus advisors by 2025 further accelerating our pace of growth in India, we are also leveraging our technology expertise to offer our solutions to financial institutions both in India as well as the Middle East where we partner with leading banks for API based solutions.”