Insurtech firm Turtlemint files updated draft papers with Sebi; eyes Rs 2,000 cr via IPO

New Delhi, Jan 29 : Insurtech firm Turtlemint Fintech Solutions Ltd has filed updated draft papers with markets regulator Sebi to launch its initial public offering (IPO), with people familiar with the matter pegging the issue size at Rs 2,000 crore. The offer comprises a fresh issue of equity shares aggregating up to Rs 660.7 crore, and an offer-for-sale (OFS) of 28,608,992 equity shares by the selling shareholders, according to the updated draft papers filed late on Wednesday evening. Those selling shares under the OFS are — Anand Rohidas Prabhudesai, Dhirendra Nalin Mahyavanshi, Vistra (ITCL) India Ltd — Trustee –” Blume Ventures Fund 1X; Kunal Shah; Nexus Ventures VI Holdings, LLC; Nexus Ventures IV, Ltd; Peak XV Partners Investments V; GGV VII Investments Pte. Ltd; Jungle Ventures III Investment Holding Pte. Ltd; and Catalyst Trusteeship Ltd –Trustee — Blume Ventures (Opportunities) Fund IIA. The company plans to utilize the proceeds for strengthening its cloud and server-related infrastructure, meeting salary expenses for its technology and product development teams, and undertaking marketing initiatives. A portion of the proceeds will also be used to pay lease payments for the company’s existing properties and its wholly owned subsidiary, TIB. In addition, the company intends to invest in TIB to support its working capital requirements, and funds will be used for inorganic growth through unidentified acquisitions. The company had confidentially filed its draft prospectus in September and received Sebi’s approval in December to move ahead with the public issue. Following Sebi’s approval, the company filed its updated draft red herring prospectus (UDRHP), which will be open for public comments for 21 days. After this, the company is required to file updated documents (UDRHP-II) with Sebi, incorporating public comments. Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the company focuses on simplifying the purchase and management of insurance policies and has sold around 1.6 crore policies through a network of more than five lakh advisors. Turtlemint claims to have processed over 90 crore claims for more than 1.2 crore customers. Its technology helps financial advisors instantly match customers with insurance products best suited to their needs, thereby improving efficiency and supporting business growth. Turtlemint connects insurers, advisors and consumers on a unified technology platform and has forged long-term partnerships with over 40 insurer partners, accounting for nearly 65 per cent of all life and general insurers in India. The company’s primary offerings in the insurance sector include retail products across health, life, and motor insurance. From April 2022 to September 2025, the company had distributed 19.68 million insurance policies. In addition to the distribution of insurance policies, it facilitates other financial products on the platform, including mutual funds, loans (personal and business) and credit cards. The proposed listing comes amid rising interest in insurtech offerings. In November 2021, PB Fintech, which operates Policybazaar and Paisabazaar, tapped the markets with a Rs 5,710-crore IPO. PTI