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Turtlemint receives SEBI nod for IPO

EntrackrEntrackr · 6h 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.

Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans

EntrackrEntrackr · 1y ago
Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans
Medial

Le Travenues Technology Limited, which operates the travel booking platform ixigo, has received the final nod from SEBI for its initial public offering (IPO), the market watchdog notified on Wednesday. In February, Ixigo re-filed its draft red herring prospectus (DRHP) with SEBI for an IPO as the firm proposed to raise Rs 120 crore worth of fresh issue and an offer for sale (OFS) of up to 66,677,674 equity shares. As per DRHP, Elevation Capital, Peak XV Partners and the company’s co-founders Aloke Bajpai and Rajnish Kumar will participate in the offer for sale. The company will use the funds for investments in technology as well as data science, including cloud and server hosting, technology on artificial intelligence and customer engagement. For the nine months ending December 2023, Ixigo recorded Rs 491 crore in revenue from operations with a profit of Rs 65.7 crore. In FY23, its revenue from operations jumped 32% to Rs 501 crore from Rs 379.6 crore in FY22. It also turned profitable in FY23 with Rs 23.4 crore profit against Rs 21 crore loss in FY22. Meanwhile, hospitality firm Oyo has withdrawn its draft IPO papers. As per the SEBI’s website, Oyo parent Oravel Stays withdrew the document on May 17. The Ritesh Aggarwal-led company did not mention the reason behind the back out. Oyo had plans to raise up to $450 million through the sale of dollar bonds. As per a media report, Oyo is seeking funding to the tune of $80-90 million from family offices at an 80% valuation haircut. Earlier, travel tech platform TBO, co-working space provider Awfis and general insurance company Digit also received a nod from SEBI and got listed on the stock exchanges. In the past six months, a clutch of startups have filed their draft IPO papers and are waiting for the approval from SEBI. The notable names include Ola Electric, FirstCry, MobiKwik, and Unicommerce.

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