Insurtech Platform Turtlemint Secures Rs 397.2 Crore from Anchor Investors

Insurtech platform Turtlemint has raised Rs 397.2 crore from anchor investors prior to the launch of its initial public offering (IPO), as announced in a stock exchange filing on Thursday. The company issued 2.61 crore equity shares to these investors at Rs 152 each, marking the higher limit of its IPO pricing range.

Anchor Investors Participation

The anchor funding round saw participation from a diverse group, including domestic mutual funds, foreign portfolio investors, insurance firms, and institutional backers. Noteworthy contributors included ICICI Prudential Equity & Debt Fund, ICICI Prudential Life Insurance, Mirae Asset, Amansa Holdings, Border to Coast Emerging Markets Equity Fund, Societe Generale, BNP Paribas Financial Markets, Susquehanna Pacific, Bajaj Finserv, Citi Group, among others.

Allocation Breakdown

As per the filing, domestic mutual funds comprised 42.5% of the anchor share allocation, securing 1.11 crore shares via 12 schemes from seven fund houses. Life insurance firms were allotted 35.72 lakh shares, accounting for 13.67% of the anchor segment.

Upcoming IPO Details

Turtlemint’s IPO is scheduled to commence on June 19 and will close on June 23. According to its red herring prospectus (RHP), the public offering will include a fresh issue of shares valued at Rs 661 crore and an offer for sale (OFS) of 1.46 crore shares by the founders and existing investors. At the higher end of the price spectrum, the IPO is projected to amass Rs 883 crore, valuing the company at Rs 4,513 crore (approximately $475 million).

Founders and Stakeholders Selling Shares

In the OFS, co-founders Anand Prabhudesai and Dhirendra Mahyavanshi are set to sell shares valued at Rs 32 crore and Rs 34 crore, respectively. Other stakeholders, including Peak XV Partners, Nexus Ventures, Blume Ventures, GGV Investments, Dream Incubator, and Humming Bird Investment Holdings, will also reduce their holdings through this offering.

IPO Management and Financial Performance

The IPO is being administered by ICICI Securities, Jefferies, JM Financial, and Motilal Oswal Investment Banking, with KFin Technologies serving as the registrar. For the first nine months of FY26, Turtlemint reported an 80% year-on-year increase in operating revenue, reaching Rs 741 crore, while its losses expanded by 25% to Rs 187 crore compared to the Rs 150 crore loss in the same period of the previous fiscal year.