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05 Mar, 2026
Turtlemint Fintech Solutions IPO
Turtlemint Fintech Solutions Ltd. filed an Updated Draft Red Herring Prospectus (UDRHP-I) on January 28, 2026. This IPO is a book-built offer comprising both a fresh issue valued at up to ₹660.72 crore and an offer for sale (OFS) of up to 2.86 crore equity shares with a face value of ₹1 each.
The price band and specific dates for the opening, closing, or listing of the issue are yet to be decided and will be announced by the company later. The Book Running Lead Managers (BRLMs) for the issue include ICICI Securities Ltd., Jefferies India Private Ltd., JM Financial Ltd., and Motilal Oswal Investment Advisors Ltd., with KFin Technologies Ltd. serving as the Registrar of the issue.
Company Background
Turtlemint Fintech Solutions Ltd. was incorporated on April 7, 2015, as Fintech Blue Solutions Private Ltd. The company name was changed to Turtlemint Fintech Solutions Private Ltd. on May 13, 2025, and then it became a public limited company on June 5, 2025.
The headquarters of this company is located in Mumbai, Maharashtra. They have developed into a well-known tech-enabled insurance distribution company, which connects customers, insurance advisors, and insurance companies, thus enabling customers to experience the digital revolution in the insurance industry.
Operations & Product Range
Turtlemint Fintech Solutions Ltd. is a fintech company that provides a digital insurance distribution platform under the Point of Sale Person (POSP) model. It primarily offers a technology-based ecosystem where insurance advisors, referred to as Digital Partners, can provide various insurance products to the customer base. The insurance products range from life, health, and general insurance plans provided by various insurers. The main idea is to use technology for the decision-making process and provide numerous choices for retail investors and individual investors.
Facilities & Capacity
Turtlemint Fintech Solutions Ltd. operates primarily through its digital infrastructure, supported by its registered office in Andheri East, Mumbai. On May 8, 2024, the company expanded its operational capabilities by acquiring Turtlemint Insurance Broking Services Private Ltd. (TIB), which significantly enhanced its insurance distribution reach. The company also has a subsidiary, Turtlemint Mutual Funds Distributors Private Ltd., which focuses on the distribution of mutual fund products.
Brands & Market Presence
Turtlemint Fintech Solutions Ltd. operates under the name of "Turtlemint." The company has been able to establish itself in the digital insurance distribution platform in India and among some of the top companies involved in this segment of digital entities. The organization has managed to secure a certificate of membership from the Insurance Brokers Association of India and permission from IRDAI to conduct insurance e-commerce activities.
Revenue Streams & Business Model
The major revenue-generating head of Turtlemint Fintech Solutions Ltd. is the revenue from operations that includes commission/festival-related to the distribution of insurance and mutual fund products.
For the financial year ended on March 31, 2025, its pro forma revenue from operations stood at ₹700.27 crore. The model is highly dependent on its network of digital partners, whereby the business of acquiring and retaining such partners was (and will continue to be) a substantial cost item in the total expenses.
Management & Shareholding
The promoters of the company are Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi. Before the Turtlemint Fintech Solutions IPO, the promoters and a diverse group of investors, including Nexus Ventures, Peak XV Partners and Blume Ventures held the majority of the equity. The promoters’ background includes leadership roles in the company's evolution since its inception in 2015. After the IPO, the promoters will see a major dilution in their ownership and in decision-making in the company.
Board & Key Management
The board team and key management of Turtlemint Fintech Solutions Ltd. are made up of the promoters, Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi (Directors). The management is supported by Prashant Saini (CS & CO) and Bhama S (CFO). The board also includes independent directors to ensure high standards of corporate governance.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Turtlemint Fintech Solutions IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Turtlemint Fintech Solutions IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹1 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | 100% Book-Built Offer |
| Total Issue Size | Up to ₹660.72 Cr + 28,608,992 Equity Shares |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Up to ₹660.72 Cr (aggregating up to ₹6,607.22 million) |
| Offer for Sale | Up to 28,608,992 Equity Shares |
| Net Offered to Public | - |
| Issue Type | Initial Public Offering (IPO) |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 24,97,76,474 shares |
| Share Holding Post Issue | - |
Turtlemint Fintech Solutions IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | 5:00 PM on the Bid/Offer Closing Date |
Turtlemint Fintech Solutions IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | - | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | - | Up to ₹200,000 |
| S-HNI (Min) | 14-15 | - | Over ₹200,000 |
| S-HNI (Max) | 66-70 | - | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | - | Over ₹10,00,000 |
Turtlemint Fintech Solutions IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 17.05% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Leading a digital ecosystem with customers, their advisors, and insurers seamlessly integrated through the POSP model.
- • Recognized as one of the top players in the digital insurance distribution market in India.
- • Utilizes an extended digital partnership network to promote the penetration of insurance services.
Turtlemint Fintech Solutions IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 472.67 | 469.37 | -125.15 | 329.95 | 323.11 | 0.00 | ||||||||||||||||||||||||||||||||||
| FY 2025 | 578.69 | 693.21 | -194.11 | 410.46 | 408.88 | 0.00 | ||||||||||||||||||||||||||||||||||
| FY 2024 | 612.55 | 119.12 | -193.35 | 563.80 | 562.22 | 0.00 | ||||||||||||||||||||||||||||||||||
| FY 2023 | 900.37 | 460.11 | -288.18 | 743.45 | 741.87 | 0.00 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | - |
| ROCE | -47.12% |
| Debt/Equity | Nil |
| RoNW | -47.29% |
| PAT Margin | -28.00% |
| EBITDA Margin | -22.77% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -4.75 (basic/diluted) | |
| P/E (x) |
IPO Objectives
The Turtlemint Fintech Solutions IPO is being undertaken to raise capital for the following purposes:
- • Funding the growth initiatives
- • Investment in technological enhancements
- • General corporate purposes
The offer for sale will go directly to the promoters, but within the offer for sale, promoters are offloading up to 4,323,218 shares, investor-selling shareholders are offering up to 23,752,327 shares, and an individual selling shareholder is offering up to 533,447 shares.
Conclusion
Turtlemint Fintech Solutions Ltd. is well-positioned to capitalize on the increasing digital adoption in the insurance sector. The Turtlemint Fintech Solutions IPO marks a significant milestone in its journey, providing the capital needed to further enhance its platform and expand its market reach. Its leadership in the PoSP model and strategic focus on customer-centric digital solutions remain key to its long-term execution and growth.
IPO DRHP Status
| # | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 28-01-2026 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
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Read More IPO ReviewsFrequently Asked Questions (FAQs)
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What is the total issue size of the Turtlemint Fintech Solutions IPO?
The IPO includes a fresh issue of up to ₹660.72 crore and an offer for sale of 28,608,992 equity shares.
-
Who are the promoters of Turtlemint Fintech Solutions Ltd.?
The promoters are Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi.
-
What is the face value of the shares in the Turtlemint Fintech Solutions IPO?
The equity shares have a face value of ₹1 each.
-
Where is Turtlemint Fintech Solutions Ltd. headquartered?
The company's registered and corporate office is located in Andheri East, Mumbai, Maharashtra.
-
How will Turtlemint Fintech Solutions Ltd. use the funds from the fresh issue?
The proceeds will be used for growth initiatives, technological updates, and general corporate purposes.
-
Which stock exchanges will the shares of Turtlemint Fintech Solutions Ltd. be listed on?
The shares are proposed to be listed on both the BSE and the NSE.
