Skip to content
Finance — Investing — Business — All about technology.

Turtlemint, an innovative insurance tech business, submits a private draft red herring prospectus to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO)

Insurtech enterprise Turtlemint secretly submits its initial public offering (IPO) document, known as Draft Red Herring Prospectus (DRHP), to the Securities and Exchange Board of India (SEBI), opting for a pre-listing process.

,   and  Administrator
2 min read
Turtlemint, a startup in the insurtech sector, has confidentially submitted a Draft Red Herring...
Turtlemint, a startup in the insurtech sector, has confidentially submitted a Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), marking a step towards an initial public offering (IPO).

Turtlemint, an innovative insurance tech business, submits a private draft red herring prospectus to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO)

Turtlemint Fintech Solutions Confidentially Files for IPO on Dalal Street

In a significant move, Indian insurtech startup Turtlemint Fintech Solutions has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company is aiming for a debut on Dalal Street in October 2025.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint Fintech Solutions is based in Mumbai, India. The company operates as a digital insurance distribution platform, connecting consumers with insurers through a wide network of financial advisors.

Turtlemint has raised a total funding of nearly $197 million, with its last round in 2022 being $120 million at a $900 million valuation. The company claims to have built a network of over 500,000 advisors who have facilitated the sale of 1.6 crore policies across categories such as motor, health, and life insurance.

In the proposed offering, Turtlemint has appointed ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors as lead managers. The company has not disclosed the size or pricing details of the IPO yet, but the size of the primary issue can be altered by as much as 50 percent before finalizing the public draft.

The pre-filing route is a less conventional path towards a public listing compared to the traditional IPO process. The pre-filing of the draft was done under Chapter IIA of the SEBI ICDR Regulations. This mechanism allows companies to keep offer details private at the initial stage. The approval window for the company has been extended from 12 months to 18 months.

In FY24, Turtlemint reported operating revenue of Rs 505 crore, more than tripling from Rs 156.5 crore a year earlier, while net profit remained steady at Rs 6 crore. With the IPO, Turtlemint joins a list of new-age Indian startups like Shadowfax, PhysicsWallah, Shiprocket, Imagine Marketing, Swiggy, and Vishal Mega Mart that have opted for the confidential route to market.

The CEO and founder of Turtlemint Fintech Solutions is Siddhartha Sikdar. The pre-filing mechanism offers companies a more streamlined process, reducing the time and resources required for the IPO process. This move is expected to provide Turtlemint with the necessary capital to fuel its growth and expansion plans.

Read also:

Related

Latest