Turtlemint IPO Approval by SEBI

Insurtech company Turtlemint has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), as reflected in the processing status updated on the market regulator’s website on December 12, 2025. The company initially submitted its Draft Red Herring Prospectus (DRHP) through the confidential route in May 2025. Turtlemint aims to raise up to Rs 2,000 crore through this IPO.

About Turtlemint

Established in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a platform that connects insurance advisors with consumers, providing a variety of insurance products in the motor, health, and life categories. Additionally, the company offers access to other financial services, including mutual funds and loans, while empowering advisors with digital tools to broaden their reach and grow their businesses.

Turtlemint’s Expansion

Turtlemint is enhancing its enterprise services through its SaaS division, Turtlefin (Fintech Blue Solutions Pvt Ltd), targeting banks, non-banking financial companies (NBFCs), and e-commerce enterprises.

Funding and Valuation

According to various sources from startup data intelligence platforms, Turtlemint has raised a total of $190 million so far and was valued at approximately $900 million during its last funding round of $120 million in April 2022. The company’s largest shareholders are Nexus and Peak XV, holding stakes of 24% and 20.83%, respectively.

Financial Performance

For the fiscal year ending March 2025, the Peak XV-supported Turtlemint reported a 33% year-on-year increase in revenue, amounting to Rs 675 crore. However, the firm also experienced a net loss of Rs 47 crore during the same fiscal year.

Market Landscape

In the insurance industry, key listed competitors include PolicyBazaar, the parent company of PB Fintech, and Go Digit General Insurance. Meanwhile, Acko has set its sights on a public listing in 2027.