Turtlemint, an insurtech company, submits a private placement document confidentially to the Securities and Exchange Board of India for an initial public offering.
In a significant move for the Indian startup ecosystem, insurtech company Turtlemint Fintech Solutions has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The Mumbai-based company, founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, aims to raise between $200 million and $250 million through the initial public offering (IPO).
Turtlemint operates a digital insurance distribution platform that connects consumers with insurers through a wide network of financial advisors. The company claims to have built a network of over 500,000 advisors, facilitating the sale of 1.6 crore policies across categories such as motor, health, and life insurance.
In a strategic move, Turtlemint has appointed ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors as lead managers for the proposed offering. Two leading banks, Kotak Mahindra Bank and ICICI Bank, have been selected for the planned offering.
The pre-filed draft was submitted to SEBI and the stock exchanges under Chapter IIA of the SEBI ICDR Regulations. This pre-filing mechanism allows companies to keep offer details private at the initial stage, extending the approval window from 12 months to 18 months. The size of the primary issue can also be altered by as much as 50 percent before finalizing the public draft with the pre-filing mechanism.
Turtlemint's planned debut on Dalal Street is expected in October 2025. The company reported operating revenue of Rs 505 crore in FY24, more than tripling from Rs 156.5 crore a year earlier. Despite the significant revenue growth, Turtlemint's net profit remained steady at Rs 6 crore in FY24.
Turtlemint is backed by Jungle Ventures, Nexus Venture Partners, Vitruvian Partners, and Peak XV Partners. The company last raised $120 million in 2022 at a $900 million valuation, bringing its total funding to nearly $197 million. With this IPO, Turtlemint joins a list of new-age Indian startups that have opted for the confidential route to market.
The traditional IPO process is not mentioned in this paragraph, so no fact about it is extracted. However, the pre-filing route to a public listing is becoming increasingly popular among Indian startups seeking to raise significant capital while maintaining a degree of privacy during the initial stages of the IPO process.
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