Insurtech firm Turtlemint files updated DRHP for IPO, plans to raise Rs 660 crore via fresh issue

Insurtech firm Turtlemint has filed an updated draft red herring prospectus (DRHP ) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), a month after receiving regulatory approval for the issue.

The company had earlier opted for the confidential filing route in September last year and received clearance from the market regulator in December.

The IPO will comprise a fresh issue of equity shares worth up to Rs 660 crore and an offer for sale of up to 2.86 crore shares by existing shareholders. The OFS will be led by Nexus Venture Partners, which plans to sell 91.43 lakh shares, accounting for about 32% of the total OFS. Peak XV Partners will offload 79.21 lakh shares. Other selling shareholders include Jungle Ventures, Blume Ventures, GGV Ventures, Dream Incubator and angel investor Kunal Shah.

Co-founders Anand Prabhudesai and Dhirendra Mahyavanshi will also participate in the OFS, selling up to 21.12 lakh and 22.11 lakh shares, respectively. Shah, who co-founded the company and stepped away from an executive role in December 2020, will sell up to 5.33 lakh shares and currently holds a 1.45% stake.

Founded in 2015, Turtlemint operates an insurance distribution and marketplace platform that connects consumers with insurers through a network of financial advisors. The company offers motor, health and life insurance products, and has expanded into adjacent financial services such as mutual funds and loans. Its core distribution strategy centres on its TurtlemintPro app, which enables over five lakh advisors to manage sales, renewals and claims using digital tools.

The company also operates Turtlefin, a SaaS vertical providing plug-and-play APIs and backend workflows to banks, NBFCs and ecommerce firms for insurance distribution, and Turtlemint Money, launched in 2019 to facilitate mutual fund distribution and cross-selling to its advisor network.

Proceeds from the fresh issue will be used primarily to fund employee costs for technology and product development, with about Rs 193 crore earmarked for salaries. Around Rs 129 crore will be invested in its wholly owned subsidiary, TIB. The remaining amount will be allocated towards cloud and server infrastructure, marketing, lease payments for existing properties and general corporate purposes.

As of the filing, Nexus Venture Partners is the largest shareholder with a 24.05% stake, followed by Peak XV Partners at 20.84%. Co-founders Prabhudesai and Mahyavanshi hold 8.72% and 8.33% stakes, respectively, while Jungle Ventures owns 4.54%.

On the financial front, Turtlemint reported operating revenue of Rs 463.3 crore for the six months ended September 30, 2025, more than doubling from the year-ago period. Net loss for the same period widened about 27% to Rs 125–126 crore. For the full year FY25, operating revenue rose sharply to Rs 662.7 crore, while net loss remained largely flat at around Rs 194 crore.