Mumbai-based insurtech firm Turtlemint gets SEBI nod for IPO

Insurtech startup Turtlemint has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO).

SEBI issued its observation letter to the company in the week ended December 12, according to an update on SEBI’s website. In regulatory parlance, the observation letter allows a company to move ahead with its IPO.

Turtlemint had pre-filed its draft red herring prospectus (DRHP) with SEBI through the confidential route earlier in 2025. The size of the public issue will be known after the company files its updated DRHP, but reports estimates peg the IPO in the range of $200 million to $250 million, or up to about Rs 2,000 crore.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a digital marketplace that connects insurance advisors with customers across motor, health and life insurance products. The platform also offers access to other financial products, including mutual funds and loans, while providing advisors with digital tools to expand their reach and scale their businesses.

Beyond its core marketplace, the company has been expanding its enterprise offerings through its software-as-a-service arm, Turtlefin, operated under Turtlemint Fintech Solutions Limited. This business serves banks, non-banking financial companies and e-commerce firms.

So far, Turtlemint has raised about $190 million in funding and was valued at around $900 million in its last round of $120 million in April 2022.

In India’s listed insurance and insurtech space, PolicyBazaar parent PB Fintech and Go Digit General Insurance are among the key publicly traded players. Digital insurer Acko is also reportedly preparing for a potential listing, with a target timeline of 2027.