Turtlemint has filed an updated draft red herring prospectus (UDRHP) with the Securities Exchange Board of India (SEBI) for its IPO.
The company’s proposed public listing will comprise a fresh issue of equity shares worth up to INR 660.7 Cr and an offer-for-sale (OFS) component of up to 2.86 Cr shares.
Cofounders Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will sell up to 21.12 Lakh and 22.11 Lakh shares, respectively. Among institutional investors, Nexus Ventures, Peak XV Partners, Jungle Ventures, Dream Incubator, among others, will offload shares via the OFS.
Nexus Ventures currently holds a 24.05% stake in the company, while Peak XV owns a 20.84% stake and Jungle Ventures’ ownership is at 4.54%.
Kunal Shah, who cofounded Turtlemint alongside Mahyavanshi and Prabhudesai in 2015 and stepped away from the company in December 2020, will sell 5.33 Lakh shares through the OFS. Currently, Shah holds a 1.45% stake in the company.
Turtlemint picked the confidential route to file its DRHP with the SEBI in September last year, following which the markets regulator gave its approval for the public issue in December.
Founded by Mahyavanshi and Prabhudesai, Turtlemint operates as an insurance distribution platform, connecting consumers with insurers through a network of financial advisors. It provides car, bike, health, and term life insurance.
Its core strategy involves empowering a network of over 5 Lakh insurance advisors via its TurtlemintPro app. These advisors use digital tools to manage sales, renewals and claims.
Aside from insurance services, Turtlemint operates two other business arms – Turtlefin and Turtlemint Money. Turtlefin operates as a SaaS vertical, offering plug-and-play APIs and backend workflows to financial institutions such as banks, NBFCs and ecommerce firms to streamline insurance distribution. Turtlemint Money, launched in 2019, is focused on distribution of mutual funds that helps the company’s existing network of insurance agents cross-sell financial products.
The Mumbai-headquartered company has raised close to $200 Mn to date from investors like Blume Ventures, Amansa Capital, among others. During its Series E funding round in 2022, its valuation soared close to the $1 Bn mark.
On the financial front, Turtlemint’s net loss for the six months ended September 30, 2025 widened 26.5% to INR 125.1 Cr from INR 98.9 Cr in H1 FY25. Meanwhile, operating revenue more than doubled to INR 463.3 Cr from INR 221.4 in the same period previous year.
For the full year FY25, the company’s net loss was almost flat at INR 194.1 Cr as against INR 193.3 Cr in FY24. However, operating revenue rose 8.4X to INR 662.7 Cr from INR 78.6 Cr in FY24.
Desk
Verified JournalistDiscover the latest startup, business, and funding news. Get insights on trends, IPOs, mergers, and acquisitions. Perfect for entrepreneurs, investors.