Summary of this article
Tutlemint, a company operating in the insurtech sector, has filed its U-DRHP with Sebi
Turtlemint plans to raise up to Rs. 660.72 crore through fresh issue of shares
Turtlemint has filed fresh papers with the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). The insurtech company is eyeing to raise funds up to Rs 660.72 crore through a fresh issue of shares, and ride on the investor appetite in the primary market.
Turtlemint IPO: Offer Size
Turtlemint is looking to raise funds both through a fresh issue of shares and an offer-for-sale (OFS). The company plans to raise up to Rs. 660.72 crore through the fresh issue. The OFS component includes up to 28.60 million shares.
In the OFS category, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin will offer up to 2.11 million and 2.21 million shares, respectively. Additionally, Nexus Ventures VI Holdings, Peak XV Partners Investments V, Jungle Ventures III Investment Holding, among other investors in the company, will also offer their shares in the issue.
Turtlemint IPO: Key Financials
Turtlemint posted a two-fold rise in revenue from operations to Rs. 463.30 crore in the first six months of the current financial year 2025-26. Despite this, the company reported an increase in losses by 27 per cent to Rs. 126 crore during the period.
For FY25, the company reported Rs. 662.71 crore in operating revenue, up from Rs. 78.64 crore in the previous fiscal. Losses for the company also widened marginally in FY25 to Rs. 194.11 crore, from Rs. 193.11 crore a year ago.
Turtlemint IPO: Business Model
Founded in 2015, Turtlemint, operates in the digital marketplace and connects insurance advisors with customers. It has positioned itself in the middle ground working both with insurance partners and clients. The platform offers services across insurance categories, such as, motor, health, life insurance, along with products, such as mutual funds and loans.
For the public issue, ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors are the book-running lead managers, while KFin Technologies is the registrar.
Turtlemint IPO: Competitors
Peers engaged in the insurance technology sector, such as Policybazaar, InsuranceDekho, Coverfox, and RenewBuy are its main competitors. Additionally, Acko General Insurance, Go Digit Insurance, Ditto Insurance, BankBazaar, Probus Insurance, and OneInsure also compete with Turtlemint in the same segment. PB Fintech, which operated Policybazaar is a primary competitor, and is also listed in India.
Turtlemint IPO: Should you Apply?
Before deciding whether or not to apply for the public issue, here are some key risks and strengths of Turtlemint investors should consider, according to the red herring prospectus (RHP).
Turtlemint: Key Risks
Here are the key risks of Turtlemint:
Majority of Turtlemint’s operating revenue is derived from general insurance companies, primarily from sale of motor insurance products. In FY25, over 88 per cent of the revenue earned by the company was through general insurance companies.
A major part of the company’s revenue is also contributed by the products of its top 10 insurance partners. Around 69 per cent of the company’s revenue in FY25 was from these top insurance partners.
The company also incurred a net loss for the past three financial years. Though losses have reduced in FY25 compared to FY23, it was still marginally higher than losses in FY24.
Turtlemint: Key Strengths
Here are the key strengths of Turtlemint:
Efficiency in the insurance technology sector is a key strength of the company. The company has a wide base of insurance partners with whom the company has been able to maintain a strong relationship, according to the company, according to its RHP.
The company has a strong penetration in Tier 2 and Tier 3 cities, it added in its RHP.
Turtlemint IPO: Objective
Funds raised from the IPO will be allocated in several areas, the company said. Nearly Rs. 193 crore raised from the issue will be used towards salary expenses for technology and product development teams. Apart from this, around Rs 129 crore will be earmarked for investment in the brokerage business. The remainder will be used for covering cloud and server infrastructure, marketing, lease payments, and other general corporate purposes.
