Turtlemint raises Rs 397 crore from anchor investors
19 Jun 2026, 11:35 AMThe company allotted 2.61 crore equity shares to anchor investors at Rs 152 apiece, the upper end of its IPO price band.
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Insurtech platform Turtlemint has raised Rs 397.2 crore from anchor investors, with ICICI Prudential Equity & Debt Fund, ICICI Prudential Life Insurance and Mirae Asset among the largest participants, ahead of the opening of its initial public offering (IPO).
The company allotted 2.61 crore equity shares to anchor investors at Rs 152 apiece, the upper end of its IPO price band.
The anchor round also saw participation from Amansa Holdings, Border to Coast Emerging Markets Equity Fund, Societe Generale, BNP Paribas Financial Markets, Susquehanna Pacific, Bajaj Finserv and Citi Group, among others.
Domestic mutual funds accounted for 42.5% of the anchor allocation, picking up 1.11 crore shares through 12 schemes across seven fund houses, while life insurance companies were allotted 35.72 lakh shares, or 13.67% of the anchor portion.
The Mumbai-based startup's IPO opened for subscription on June 19 and will close on June 23. As per its RHP, the public issue comprises a fresh issue of shares worth Rs 661 crore and an offer for sale (OFS) of 1.46 crore shares by founders and existing investors, taking the total issue size to Rs 883 crore at the upper end of the price band. The company had cut the size of its OFS.
The fresh capital will largely go towards funding its subsidiary Turtlemint Insurance Broking Services, working capital, lease rent for office spaces, and marketing and brand-building activities, besides general corporate purposes.
Turtlemint was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, who previously worked at ICICI Lombard/Quikr and Yahoo/Nokia, respectively. The startup runs a "phygital" insurance distribution model, pairing an online platform with a network of over 100,000 POSP advisors across tier-2 and tier-3 towns. It offers health, motor, life and travel insurance along with mutual funds, competing with the likes of Policybazaar, Acko and Plum.
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