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Turtlemint receives SEBI nod for IPO

EntrackrEntrackr · 2m ago
Turtlemint receives SEBI nod for IPO
Medial

Insurtech firm Turtlemint has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), according to the processing status updated by the market regulator on its website on December 12, 2025. The company pre-filed its Draft Red Herring Prospectus (DRHP) through the confidential route in May 2025, reportedly planning to raise up to Rs 2,000 crore through IPO. Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a marketplace connecting advisors with customers, offering insurance products across motor, health, and life categories. It also provides access to other financial products such as mutual funds and loans, while equipping advisors with digital tools to expand their reach and grow their business. Turtlemint is expanding its enterprise offerings via its SaaS arm, Turtlefin (Fintech Blue Solutions Pvt Ltd), to serve banks, NBFCs, and e-commerce companies. According to startup data intelligence platform TheKredible, Turtlemint has raised $190 million to date and was valued at around $900 million in its last $120 million funding round in April 2022. Nexus and Peak XV are the largest shareholders, holding 24% and 20.83% stakes, respectively. For the fiscal year ended March 2025, the Peak XV-backed company reported a 33% year-on-year increase in revenue to Rs 675 crore. At the same time, the firm slipped into losses, with a net loss of Rs 47 crore during FY25. In the insurance segment, PolicyBazaar parent PB Fintech and Go Digit General Insurance are the key listed players, while Acko is targeting a 2027 listing.

Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO

EntrackrEntrackr · 22d ago
Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO
Medial

Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO Insurtech firm Turtlemint has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). This development comes a month after SEBI granted regulatory approval for the company’s plan. Turtlemint’s IPO comprises a fresh issue of equity shares worth Rs 660 crore (approximately $73.3 million), with the offer for sale (OFS) component of 2.86 crore shares. According to the UDRHP, the OFS will be led by Nexus Venture Partners, offloading 91.43 lakh shares, followed by Peak XV Partners with 79.21 lakh shares. Other investors, including Jungle Ventures, Blume Ventures, GGV Ventures, and angel investor Kunal Shah, will also participate in the OFS. Co-founders Anand Prabhudesai and Dhirendra Mahyavanshi will offload 21.12 lakh and 22.1 lakh shares, respectively. Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a marketplace connecting advisors with customers, offering insurance products across motor, health, and life categories. It also provides financial products such as mutual funds and loans, equipping advisors with digital tools to expand their business. Turtlemint will use the fresh IPO proceeds to allocate about Rs 193 crore toward salary expenses for technology and product development, and Rs 129 crore for investment in its subsidiary, TIB. The remaining amount will be used for cloud and server infrastructure, marketing, lease payments for existing properties, and other corporate purposes. As of the UDRHP filing date, Nexus Venture Partners is the largest shareholder with a 24.05% stake, followed by Peak XV Partners with 20.84%. Co-founders hold 8.72% and 8.33% stakes respectively, while Jungle Ventures holds 4.54% and Kunal Shah owns 1.45%. During H1FY26, the firm reported a twofold increase in operating revenue to Rs 463.3 crore, while losses widened 27% to Rs 126 crore.

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