Turtlemint Fintech Eyes ₹2,000 Crore IPO Launch Between March-April
Insurtech firm Turtlemint Fintech Solutions is preparing for its ₹2,000 crore IPO launch between March-April, with plans to file updated draft papers with SEBI in the next two weeks. Founded in 2015, the company has sold 1.6 crore policies through over 5 lakh advisors and processed more than 90 crore claims for 1.2 crore customers across partnerships with 40+ insurers.
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Insurtech firm Turtlemint Fintech Solutions Ltd is advancing toward its public market debut, preparing to file updated draft papers with markets regulator SEBI within the next two weeks for its ₹2,000 crore initial public offering. The company is targeting a launch window between March and April, with sources indicating the firm aims for a public listing by April.
IPO Timeline and Regulatory Process
The company had confidentially filed its preliminary IPO papers in September and received SEBI's approval in December to proceed with the public issue. Following this regulatory milestone, Turtlemint will file its updated draft red herring prospectus (UDRHP) in the coming two weeks.
| Process Stage: | Timeline | Details |
|---|---|---|
| Preliminary Filing: | September | Confidential submission completed |
| SEBI Approval: | December | Regulatory clearance received |
| UDRHP Filing: | Next 2 weeks | Updated draft papers submission |
| Public Comments: | 21 days | Open comment period |
| Target Launch: | March-April | Public listing by April |
The regulatory process requires a 21-day public comment period following the UDRHP filing, after which the firm must file UDRHP-II incorporating public feedback and then the final red herring prospectus for the actual launch.
Company Profile and Market Position
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint focuses on simplifying the purchase and management of insurance policies. The company has established a significant market presence through its extensive distribution network and technology platform.
| Business Metrics: | Performance |
|---|---|
| Policies Sold: | 1.60 crore |
| Advisor Network: | Over 5.00 lakh advisors |
| Claims Processed: | Over 90.00 crore |
| Customer Base: | Over 1.20 crore customers |
| Insurer Partners: | Over 40 partners |
| Market Coverage: | 65% of life and general insurers |
Technology Platform and Business Model
Turtlemint operates a unified technology platform that connects insurers, advisors, and consumers. The company's technology helps financial advisors instantly match customers with insurance products best suited to their needs, thereby improving efficiency and supporting business growth. The platform has forged long-term partnerships with over 40 insurer partners, accounting for nearly 65% of all life and general insurers in India.
Investment Backing
The company's investor base includes prominent venture capital firms:
- Amansa Capital
- Jungle Ventures
- Nexus Venture Partners
Market Context
The proposed listing comes amid rising interest in insurtech offerings in the Indian market. In November 2021, PB Fintech, which operates Policybazaar and Paisabazaar, successfully tapped the markets with a ₹5,710.00 crore IPO, demonstrating investor appetite for technology-driven insurance platforms.
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