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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.

Turtlemint plans to use the fresh capital to expand into new geographies and also strengthen its product portfolio. It recently expanded into the Middle East and also plans to enter Southeast Asia.

A portion of the funds will also be used to grow the leadership team. Turtlemint roped in Bajaj Allianz executive vice president Navvin Jaiin as its chief business officer last December.

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