Highlights
Turtlemint IPO Filing: Latest Updates on Insurtech Growth
Insurtech firm Turtlemint has submitted an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) on Wednesday. This action follows a month after SEBI granted regulatory approval for the company’s IPO plans. Turtlemint’s IPO consists of a fresh issue of equity shares valued at Rs 660 crore (roughly $73.3 million), alongside an offer for sale (OFS) component of 2.86 crore shares.
Details of the Offer for Sale
According to the updated draft red herring prospectus (UDRHP), the OFS will be spearheaded by Nexus Venture Partners, which will sell 91.43 lakh shares, representing around 32% of the overall OFS. Following them, Peak XV Partners will offload 79.21 lakh shares. Additional investors, including Jungle Ventures, Blume Ventures, GGV Ventures, and angel investor Kunal Shah, will also engage in the offer for sale. The co-founders, Anand Prabhudesai and Dhirendra Mahyavanshi, will be part of the OFS too, selling 21.12 lakh and 22.1 lakh shares respectively.
About Turtlemint
Established in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates as a marketplace that connects advisors with customers, offering a variety of insurance products spanning motor, health, and life categories. In addition, it provides access to other financial offerings like mutual funds and loans, while supplying advisors with digital resources to enhance their outreach and develop their businesses.
Utilisation of IPO Proceeds
Turtlemint plans to allocate a portion of the IPO proceeds, approximately Rs 193 crore, towards salary expenses for its technology and product development teams, and another Rs 129 crore for investments in its wholly-owned subsidiary, TIB. The remaining funds will be directed towards cloud and server infrastructure, marketing efforts, lease payments for current properties, and other general corporate needs.
As of the UDRHP filing date, Nexus Venture Partners holds the largest share with a 24.05% stake, trailed by Peak XV Partners with 20.84%. Co-founders Anand Prabhudesai and Dhirendra Mahyavanshi possess stakes of 8.72% and 8.33% respectively, while Jungle Ventures holds 4.54% and Kunal Shah has a 1.45% share in the organisation.
Financial Performance Overview
During the first half of the current fiscal year (H1FY26), Turtlemint witnessed a significant increase in operating revenue, which surged to Rs 463.3 crore, while losses expanded by 27% to Rs 126 crore during the same timeframe.
