backed insurtech platform starts engaging investors for ₹2,000 crore IPO

This Peak XV-backed insurtech platform starts engaging investors for ₹2,000 crore IPO

Sources indicate that Turtlemint is targeting a valuation of $1.3-1.5 billion through the IPO.

By Yash Jain

One of India’s largest insurtech platforms, Turtlemint, has begun engaging with investors for its upcoming IPO, according to sources. The company is expected to file an updated DRHP-II with Securities and Exchange Board of India over the next 30-45 days for a proposed ₹2,000 crore public issue.

Sources indicate that Turtlemint is targeting a valuation of $1.3-1.5 billion through the IPO.

The issue is expected to comprise a fresh issue of ₹660 crore and an offer for sale (OFS) of ₹1,340 crore. The company was last valued at around $900 million during its previous funding round in 2022.

Among key shareholders, Nexus Venture Partners and Peak XV Partners hold stakes of 24% and 20.83%, respectively.

Turtlemint operates a digital platform that connects financial advisors with insurance customers. It serves a network of over 5 lakh advisors and has facilitated the sale of nearly 1.6 crore insurance policies since inception.

Its app-based ecosystem provides advisors with access to product information, training modules, and certification tools, while also digitising processes such as onboarding, licensing, and verification.

The company also offers software-as-a-service (SaaS) solutions to banks, NBFCs, and other financial institutions. Notably, PB Fintech Limited remains the only listed player in India’s online insurance aggregation and distribution space.

Turtlemint was an early adopter of the point-of-sale person (PoSP) distribution model in 2015 and currently operates one of the largest certified PoSP networks in India, according to a Redseer report. As of September 30, 2025, the company had onboarded over 6 lakh digital partners, including 4.85 lakh PoSPs, through its Turtlemint Pro platform.

The company is also expanding its footprint in ‘Beyond Top 30’ (B30+) markets, leveraging its partner network to improve last-mile insurance access. According to Redseer, these markets are expected to contribute 45-54% of total motor insurance premiums by FY30, growing faster than top 30 cities.

The total addressable market for digital retail insurance distribution in India is estimated at ₹3.1 trillion in FY25 and is projected to grow at an 11-13% CAGR to ₹5.3-5.8 trillion by FY30. Broker-led and digital platform-driven distribution models are expected to play a significant role in this expansion.

Despite strong growth, Turtlemint faces key risks. The company remains heavily dependent on commission-based income, which accounted for nearly 98.9% of its revenue in H1 FY26. High partner acquisition and retention costs, which made up over 76% of expenses, continue to weigh on profitability.

Regulatory risks also persist, particularly with the proposed rollout of Bima Sugam, an IRDAI-backed insurance marketplace, which could impact commissions and volumes for distributors like Turtlemint.

Turtlemint's doubled its revenue in the first half of FY26 to ₹463 crore and grew it by a 7 fold in FY25. Turtkemint's total income also doubled in the first half of FY26 despite its other income halving during the same period. Turtlemint's loss in the first half of FY26 widened 26% whereas the loss remained largely flat in FY25.