IPO Overview
Turtlemint Fintech Solutions Limited was incorporated in 2015 and is based in Mumbai. The company operates under the Turtlemint brand and was co-founded by Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi. It distributes retail insurance products across health, life, motor, and other categories, and has also expanded into mutual fund and select loan distribution through its subsidiaries. Turtlemint operates a “phygital” model that blends a mobile-first technology stack with an on-ground advisory network. The company was an early adopter of the point-of-sale person (PoSP) distribution framework in 2015 and had the largest certified PoSP network among its peer group as of September 30, 2025. As of December 31, 2025, Turtlemint had partnerships with 45 insurer partners, representing 75% of all life and general insurers in India.
The company is now launching its mainboard IPO on the NSE and BSE. Through its maiden share sale, the company aims to raise ₹882.67 crore, comprising a fresh issue of 43.5 million equity shares aggregating ₹660.72 crore and an offer for sale (OFS) of up to 14.6 million shares worth ₹221.95 crore by promoters and existing shareholders. The price band for the IPO has been fixed at ₹144 to ₹152 per share, with a minimum application size of 98 shares. The IPO opens on 19 June 2026 and closes on 23 June 2026, with listing expected on 29 June 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | NSE & BSE |
| IPO Open Date | 19 June 2026 |
| IPO Close Date | 23 June 2026 |
| Allotment Date | 24 June 2026 (Expected) |
| Credit to Demat | 25 June 2026 |
| Listing Date | 29 June 2026 (Tentative) |
| Price Band | ₹144 – ₹152 per share |
| Face Value | ₹1 per share |
| Lot Size | 98 shares |
| Minimum Investment (Retail) | ₹14,896 (1 lot) |
| Minimum Investment (sNII) | ₹2,08,544 (14 lots = 1,372 shares) |
| Minimum Investment (bNII) | ₹10,12,928 (68 lots = 6,664 shares) |
| Issue Size | ₹882.67 crore |
| Fresh Issue | ₹660.72 crore |
| Offer For Sale (OFS) | ₹221.95 crore |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
Besides co-founders Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, investors including Nexus Ventures, Peak XV Partners, and Jungle Ventures will offload shares via the OFS. The company will receive funds only from the fresh issue portion; OFS proceeds go entirely to the selling shareholders.
Objects of the Issue (Fund Utilization)
The company proposes to utilize net proceeds from the issue towards: expenditure on cloud and server-related infrastructure (₹25.64 crore); salary expenditure towards the technology and product development teams (₹193.04 crore); expenditure towards marketing initiatives (₹39.07 crore); expenditure towards lease payments for existing properties of the company and its wholly owned subsidiary TIB (₹43.08 crore); and investment in its wholly owned subsidiary, TIB, for funding its working capital requirements (₹128.64 crore).
- Cloud & server infrastructure — ₹25.64 crore
- Salaries for technology & product development teams — ₹193.04 crore
- Marketing initiatives — ₹39.07 crore
- Lease payments (Company + TIB) — ₹43.08 crore
- Investment in subsidiary TIB for working capital — ₹128.64 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Managers: ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited and Motilal Oswal Investment Advisors Limited
- Registrar to the Issue: KFin Technologies Limited
Promoters & Management
The promoters are Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi. Together, they hold 17.05% of the company’s pre-IPO share capital. Both are actively involved in running the business — Anand serves as Chief Operating Officer (COO), managing day-to-day execution, while Dhirendra serves as Chief Executive Officer (CEO), leading overall strategy.
Key Investors (Selling in OFS): Nexus Ventures, Peak XV Partners, Jungle Ventures, Vitruvian Partners
Company Details
Turtlemint is a tech-enabled insurance distribution platform that connects customers, insurance advisors (“Digital Partners”), and insurers through a scaled “phygital” model blending a mobile-first technology stack with an on-ground advisory network. Through its platform, digital partners can compare products, generate quotes, manage customer relationships, assist with claims, and offer insurance products from multiple insurers.
Sectors Served:
- Health, Life & Motor Insurance Distribution
- Mutual Fund Distribution
- Loan Distribution
Key Capabilities:
- Built one of India’s largest certified PoSP networks, with over 6.3 lakh digital partners as of December 2025.
- Presence across more than 19,000 pin codes, with significant focus on non-metro and B30+ markets.
- 603,302 Digital Partners registered as of September 30, 2025, including 4,84,832 certified PoSPs trained under applicable IRDAI guidelines.
Subsidiaries:
- Turtlemint Insurance Broking Services Pvt. Ltd. (TIB)
- Turtlemint Mutual Funds Distributors Pvt. Ltd. (TMF)
Financial Snapshot
| Period | Revenue (₹ Cr) | Net Loss (₹ Cr) |
| FY23 | ₹460.11 | ₹288.18 |
| FY24 | ₹119.12 | — |
| FY25 | ₹693.21 | ₹194.11 |
| H1 FY26 (Sep 2025) | ₹469.37 | ₹125.1 |
| 9M FY26 (Dec 2025) | ₹748.91 | ₹187.39 |
Key Financial Metrics
- EBITDA stood at ₹82.43 crore in FY25 and ₹81.58 crore for the nine-month period ended December 2025.
- Operating revenue more than doubled YoY to ₹463.3 crore in H1 FY26 from ₹221.4 crore in H1 FY25; net loss widened by 26% to ₹125.1 crore in H1 FY26 from ₹98.9 crore the year prior.
- The company reported losses of ₹187.39 crore and ₹154.66 crore during the nine-month periods ended December 31, 2025 and December 31, 2024, respectively.
- RoNW: -47.29% | P/E: N/A (loss-making company)
- Overall, the financials show revenue growth, continued losses, declining net worth, and no reported borrowings.
Company Strengths
- Effective positioning within the PoSP ecosystem, having developed a nationwide distribution channel by recruiting advisors, leading to greater coverage and expansion.
- Technology-driven partner network — technologies for advisor recruitment and management facilitate efficiency improvement and increased productivity.
- Strategic partnerships with multiple insurance companies, providing diversified insurance products and robust distribution channels.
- Long-standing relationships with 45 insurer partners create mutually beneficial growth opportunities, supported by high Digital Partner retention rates and favourable unit economics.
- Largest certified PoSP network among peers, with strong reach into non-metro and B30+ markets.
Key Risks & Challenges
- A history of high losses and negative cash flow — the company has experienced substantial losses, negative cash flows, lower net worth, and negative ratio returns in recent times.
- High exposure to general insurance and motor insurance policies — most of the revenue comes from general insurance companies, especially motor insurance.
- Significant reliance on Digital Partners, with substantial costs in recruiting, activating, managing and retaining them — expenses related to acquiring and retaining Digital Partners accounted for 77.45% and 67.50% of total expenses during the nine months ended December 31, 2025 and 2024, respectively.
- Limited consolidated operating history, since the company acquired TIB from promoter Dhirendra Nalin Mahyavanshi only from May 8, 2024 — making historical financials less indicative of future performance.
- Dependence on the company’s ability to attract and retain a large, productive Digital Partner/PoSP network, along with limited control over insurer underwriting, pricing, and claims, which can affect customer experience and renewals.
- Intense competition from digital insurance distributors like PB Fintech (Policybazaar) and InsuranceDekho, as well as traditional agents, banks, and direct insurer channels.
- OFS portion means a part of the funds raised will go to promoters and existing investors rather than the company.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
