Insurtech Startup Turtlemint Files Revised DRHP for INR 660+ Cr Public Issue

For its initial public offering (IPO), insurtech startup Turtlemint has submitted an updated draft red herring prospectus (UDRHP) to the Securities Exchange Board of India (SEBI). A new issue of equity shares up to INR 660.7 Cr and an offer-for-sale (OFS) component of up to 2.86 Cr shares would make up the company's proposed public listing.

Cofounders Dhirendra Nalin Mahyavanshi and Anand Rohidas Prabhudesai want to sell up to 22.11 lakh and 21.12 lakh shares, respectively. Nexus Ventures, Peak XV Partners, Jungle Ventures, Dream Incubator, and other institutional investors will sell their shares through the OFS. Nexus Ventures now owns 24.05% of the company, while Peak XV owns 20.84% and Jungle Ventures owns 4.54%. Kunal Shah, who left Turtlemint in December 2020 after co-founding it with Mahyavanshi and Prabhudesai in 2015, will sell 5.33 lakh shares via the OFS. Shah currently owns 1.45% of the business.

Turtlemint’s DRHP Route and its OPerations                      

In September of last year, Turtlemint chose to submit its DRHP to SEBI in a confidential route. The markets regulator then approved the public offering in December. Through a network of financial advisors, Turtlemint functions as a platform for the distribution of insurance, bringing customers and insurers together. It offers health, term life, auto, and motorcycle insurance. Using its TurtlemintPro app, it empowers a network of more than 5 lakh insurance consultants.

These advisers handle sales, renewals, and claims using digital technologies. Turtlemint has two more business divisions, Turtlefin and Turtlemint Money, in addition to insurance services. As a SaaS sector, Turtlefin provides financial institutions including banks, NBFCs, and e-commerce companies with plug-and-play APIs and backend procedures to expedite the distribution of insurance. Launched in 2019, Turtlemint Money focusses on mutual fund distribution to support cross-selling of financial goods among its current network of insurance brokers.

Funding and Financial Outlook of Turtlemint

To date, the Mumbai-based business has attracted around $200 million from investors such as Blume Ventures and Amansa Capital. Its valuation skyrocketed to nearly $1 billion during its 2022 Series E investment round. Financially speaking, Turtlemint's net loss for the six months ending September 30, 2025, increased by 26.5% to INR 125.1 Cr from INR 98.9 Cr in the first half of FY25.

Operating revenue, meanwhile, more than quadrupled from INR 221.4 Cr to INR 463.3 Cr over the same time last year. Compared to INR 193.3 Cr in FY24, the company's net loss for the entire year FY25 was nearly unchanged at INR 194.1 Cr. Operating revenue, however, increased 8.4X from INR 78.6 Cr in FY24 to INR 662.7 Cr.