Insurtech unicorn Turtlemint Fintech Solutions Pvt Ltd has officially filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on September 4, 2025. The move marks its intent to raise funds via an Initial Public Offering (IPO), using the pre-filing route introduced by SEBI in 2022.
This filing gives Turtlemint more flexibility compared to traditional DRHP filings. The company can adjust the issue size by up to 50% and enjoys an extended IPO launch window of up to 18 months.
What the Company Said
In its filing note, Turtlemint clarified that submitting the DRHP “shall not necessarily mean that the company will undertake the IPO”. This disclaimer highlights that the company is still in the evaluation phase, awaiting SEBI observations and favorable market conditions before confirming the launch.
Company Background
Founded in 2015 by Dhirendra Nalin Mahyavanshi and Anand Rohidas Prabhudesai, Turtlemint started with a mission to make insurance buying simple and transparent.
- The platform offers health, life, and motor insurance, alongside mutual funds and loan products.
- It has built a distribution network of over 4 lakh POSPs (Point-of-Sale Persons).
- The company claims to have sold more than 1.6 crore policies across 19,000+ pin codes in India.
Turtlemint is backed by Nexus Venture Partners, Jungle Ventures, Peak XV Partners (formerly Sequoia India), and Blume Ventures.
IPO Plan & Strategy
While the company hasn’t disclosed the exact offer size in its confidential DRHP, reports indicate Turtlemint is eyeing a fundraise of up to ₹2,000 crore.
It has appointed ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors as lead managers to the issue.
The confidential pre-filing route helps companies like Turtlemint test investor appetite and refine disclosures before making details public. This method has recently been adopted by other Indian startups and fintechs, including Swiggy, Go Digit, and PolicyBazaar’s PB Fintech.
Industry Context
The timing comes as India’s insurtech sector is gaining traction:
- Policybazaar’s PB Fintech paved the way with its 2021 IPO.
- Go Digit General Insurance debuted in 2024.
- Niva Bupa and Acko are also rumored to be preparing IPO plans.
For investors, Turtlemint’s IPO could be another chance to bet on India’s fast-growing insurance distribution market, driven by rising digital adoption and a vast underinsured population.
Snapshot Table
| Detail | Information |
|---|---|
| Filing Type | Confidential pre-filed DRHP with SEBI |
| Filing Date | September 4, 2025 |
| IPO Target Size | Up to ₹2,000 crore |
| Issue Flexibility | Adjustable up to 50%, IPO window up to 18 months |
| Founders | Dhirendra N. Mahyavanshi & Anand R. Prabhudesai |
| Services Offered | Insurance, mutual funds, loans |
| Distribution Network | 1.6 cr policies, 19K+ pin codes, 4L+ POSPs |
| Lead Bankers | ICICI Sec, Jefferies, JM Financial, Motilal Oswal |
| Investors | Nexus, Jungle, Peak XV, Blume Ventures |
Why It Matters
- For Investors: Provides another fintech opportunity, with scope in India’s under-penetrated insurance space.
- For the Market: Continues the momentum of digital-first companies entering capital markets.
- For Policyholders: Validates the strength of digital insurance distribution models.
