Turtlemint files draft IPO with SEBI, eyes ₹660 cr fresh issue

Turtlemint Fintech Solutions Files for ₹660.7 Crore IPO

Turtlemint Fintech Solutions Ltd, a tech-enabled insurance distribution platform, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).

• The proposed IPO includes a fresh issue of equity shares worth up to ₹660.7 crore.
• An offer for sale of up to 28.6 million equity shares by selling shareholders is also part of the proposed IPO.
• The shares, with a face value of ₹1 each, are expected to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Key Appointments and Partnerships

• ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors have been appointed as the book running lead managers for the issue.

About Turtlemint

Turtlemint operates primarily in India's insurance distribution space through a triadic platform connecting customers, insurance advisors, and insurers.

• The company became the first to adopt the point-of-sale person (PoSP) distribution model in 2015.
• Turtlemint boasts the largest certified PoSP network among its peer group, according to a Redseer Report.

Turtlemint's Business Model and Offerings

• “PoSPs” are individuals certified under IRDAI guidelines to distribute insurance products.
• As of September 30, 2025, Turtlemint has onboarded 603,302 digital partners, including 484,832 PoSPs, via its app Turtlemint Pro.
• The company's offerings cover retail insurance products across health, life, and motor insurance.
• Turtlemint has distributed 19.68 million policies between April 1, 2022, and September 30, 2025.
• The platform also facilitates mutual funds, personal and business loans, and credit cards.

Subsidiaries and Business Strategy

• Turtlemint Insurance Broking Services Private Ltd (TIB) is a composite insurance broker registered with IRDAI.
• Turtlemint Mutual Funds Distributors Private Ltd (TMF), registered with AMFI, handles mutual fund distribution.
• Both subsidiaries leverage the company's technology platform to enable faster go-to-market and cost-efficient last-mile distribution.

Business Model and Operations

The company operates an asset-light business model, acting solely as a distributor without assuming any product liability.