Turtlemint Q2 FY27 revenue rises 35% to Rs 342 crore

Insurance distribution platform Turtlemint reported a 35.2% year-on-year increase in revenue from operations to Rs 342 crore in the July-September quarter of this fiscal FY27, compared with Rs 253 crore in the corresponding quarter last financial year.

The company's net loss narrowed 67.1% to Rs 25.83 crore in Q2 FY27 from Rs 78.45 crore in Q2 FY26, according to its financial results filed with the stock exchanges.

Turtlemint's total income stood at Rs 352 crore during the quarter, including Rs 9.5 crore in other income, compared with Rs 255 crore in the year-ago period.

Total expenses increased 25% to Rs 375 crore in Q2 FY27 from Rs 300 crore in Q2 FY26. Among the reported expense heads, other expenses rose 31% to Rs 306.50 crore, while employee benefit expenses increased 4.2% to Rs 64.23 crore. Depreciation expenses stood at Rs 4.30 crore.

Turtlemint's EBITDA loss narrowed to Rs 17 crore in Q2 FY27 from Rs 40 crore in the corresponding quarter last year. Meanwhile, its service EBITDA grew 47% YoY to Rs 45 crore from Rs 30 crore. 

Commenting on the performance, co-founders Dhirendra Mahyavanshi, Chairperson and MD & CEO, and Anand Prabhudesai, Executive Director and COO, said the growth in service EBITDA reflects improving operational efficiency as the company scales its business.

For the first half of FY27 (H1 FY27), revenue from operations grew 37.6% to Rs 637 crore from Rs 463 crore in H1 FY26. Net losses narrowed 50.9% to Rs 61.42 crore from Rs 125 crore in the corresponding period last year. Service EBITDA increased 66% to Rs 85 crore from Rs 51 crore.

Founded in 2015, Turtlemint operates a technology-led platform for distributing insurance and other financial products. The company has built a network of over 728,000 digital partners and facilitates insurance distribution across more than 19,000 pincodes.