Mumbai-Based Turtlemint Files ₹2,000 Crore IPO Papers With SEBI

Mumbai-based insurtech company Turtlemint has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and stock exchanges, signaling its intent to launch an initial public offering (IPO) targeting a fundraise of up to ₹2,000 crore. Founded in 2015, Turtlemint operates a technology-driven platform connecting customers with insurance advisors and companies, offering products including health, life, motor insurance, as well as mutual funds and loans, and has sold over 1.6 crore policies through a network exceeding 4 lakh advisors. The company has seen rapid growth, with operating revenue tripling to INR 505 crore in FY24, though net profits remained flat, and is backed by prominent investors such as Nexus Venture Partners, Jungle Ventures, and Peak XV Partners. Turtlemint has appointed top merchant bankers—ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal—to manage the IPO process, and opted for the confidential pre-filing route with SEBI, a strategy increasingly favored by Indian startups for its flexibility and reduced market pressure. The IPO positions Turtlemint in competition with established players like PB Fintech (Policybazaar) amid growing investor interest in the Indian insurance tech sector. This move follows a broader trend of new-age tech companies preparing to go public using confidential filings, reflecting positive market momentum in the financial services domain.