
Insurtech startup Turtlemint files IPO papers via confidential route
07 Sep 2025, 11:05 AMTurtlemint said it has filed the pre-filed DRHP with SEBI and the stock exchanges, in relation to the proposed IPO.
Team Head&Tale
Insurtech startup Turtlemint has filed papers with markets regulator Sebi for its proposed initial public offering (IPO) using the confidential pre-filing route.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint partners with several insurers and claims to have sold 1.6 crore policies through its network of over five lakh agents. The agent-focussed insurance platform has raised close to $190 million till date and counts Peak XV, Nexus Venture Partners, Amansa Capital, Jungle Ventures among its investors.
The company has opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages.
The confidential route is gaining traction among Indian firms. In 2024, Swiggy and Vishal Mega Mart floated their IPOs following this route. This year several startups, including Meesho, Groww, Shadowfax among others have filed for confidential IPO. PhonePe is also considering confidential route for draft papers filing.