Turtlemint submits updated DRHP with SEBI for IPO
29 Jan 2026, 02:14 PMThe IPO comprises of fresh issue of equity shares of up to Rs 660.7 crore, and an offer for sale (OFS) of up to 28.6 million equity shares by shareholders.
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Insurance technology company Turtlemint has submitted its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
The IPO comprises of fresh issue of equity shares of up to Rs 660.7 crore, and an offer for sale (OFS) of up to 28.6 million equity shares by shareholders.
As part of the OFS, Nexus Venture Partners will sell 91.43 lakh shares and Peak XV Partners will offload 79.21 lakh shares. Other institutional investors including Jungle Ventures, Blume Ventures and GGV Ventures will also sell their stakes. Fintech entrepreneur Kunal Shah is also among those selling shares.
Company founders Prabhudesai and Mahyavanshi also plan to partially exit alongside.
Turtlemint doubled its operating revenue to Rs 463.3 crore in the first half of this financial year FY26, while losses widened 27% to Rs 126 crore over the same period.
ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors are the book running lead managers to Turtlemint's IPO.
The company had initially submitted confidential IPO paperwork to SEBI last September and received regulatory clearance in December.
Established in 2015, the Mumbai-based platform connects insurance buyers with providers through a distributed network approach. The company empowers more than 500,000 insurance advisors using its TurtlemintPro application, which provides digital capabilities for managing policy sales, renewals, and customer claims across vehicle, health, and life insurance categories.
Beyond its core insurance business, Turtlemint has expanded into related financial services through Turtlefin and Turtlemint Money divisions.
Earlier this month, another fintech company PhonePe also filed UDRHP with the SEBI. Last year, venture capital backed fintech companies Pine Labs and Groww debuted on the bourses amid frenetic IPO activity in India.
Other new age insurtech companies that previously went public are PB Fintech, parent of Policybazaar, and Go Digit.
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