Turtlemint, a startup focused on insurance technology, files a confidential draft red herring prospectus with SEBI for an initial public offering
In a significant move for the Indian startup landscape, insurtech startup Turtlemint Fintech Solutions has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The Mumbai-based company, founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, is aiming to raise between $200 million and $250 million for its proposed offering.
Turtlemint operates a digital insurance distribution platform that connects consumers with insurers through a wide network of financial advisors. The company claims to have built a network of over 500,000 advisors who have facilitated the sale of 1.6 crore policies across categories such as motor, health, and life insurance.
In 2024, Swiggy and Vishal Mega Mart also floated their IPOs following confidential filings, indicating a growing trend among Indian startups. Turtlemint, however, has taken the pre-filing route to a public listing, which allows for more flexibility in the approval process and the size of the primary issue.
The pre-filing mechanism extends the approval window from 12 months to 18 months. It also allows companies to keep offer details private at the initial stage. Turtlemint has appointed ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors as lead managers for the proposed offering.
In the financial year 2024, Turtlemint reported operating revenue of Rs 505 crore, more than tripling from Rs 156.5 crore a year earlier, while net profit remained steady at Rs 6 crore. The company last raised $120 million in 2022 at a $900 million valuation, bringing its total funding to nearly $197 million.
Turtlemint joins a list of new-age Indian startups opting for the confidential route to market, such as Shadowfax, PhysicsWallah, Shiprocket, Imagine Marketing, and boAt's parent company. This trend suggests a shift towards more strategic and flexible IPO approaches in the Indian startup ecosystem.
The name of the CEO of Turtlemint Fintech Solutions was not mentioned in the news article. Turtlemint is targeting an October 2025 debut on Dalal Street. The pre-filed draft was submitted to SEBI and the stock exchanges under Chapter IIA of the SEBI ICDR Regulations. The pre-filing route is an alternative to the traditional IPO process, offering startups like Turtlemint more time and flexibility in the lead-up to their public listing.
Read also:
- Planned construction of enclosures within Görlitzer Park faces delays
- Foreign financial aid for German citizens residing abroad persists
- European Construction Regulations Face Disruption due to Advocacy for Hydrogen Heating - Euractiv
- "Germany appears less environmentally friendly compared to Texas, according to Harald Lesch's climate documentary"
