Turtlemint, a tech-driven insurance company, secretly submits a Draft Red Herring Prospectus to SEBI for a public offering.
In a significant move, Indian insurtech startup Turtlemint Fintech Solutions has taken the pre-filing route to a public listing. The Mumbai-based company, founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
Turtlemint operates a digital insurance distribution platform that connects consumers with insurers through a wide network of financial advisors. The company has raised a total funding of nearly $197 million, with its last funding round in 2022 being $120 million at a $900 million valuation.
According to the pre-filed draft, Turtlemint Fintech Solutions has appointed ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors as lead managers for the proposed offering. The traditional IPO process was not specified in the provided paragraph.
In FY24, Turtlemint reported operating revenue of Rs 505 crore, more than tripling from Rs 156.5 crore a year earlier, while net profit remained steady at Rs 6 crore. The company claims to have built a network of over 500,000 advisors who have facilitated the sale of 1.6 crore policies across motor, health, and life insurance categories.
The pre-filing mechanism allows companies to keep offer details private at the initial stage and extends the approval window from 12 months to 18 months. It also allows companies to alter the size of the primary issue by as much as 50 percent before finalizing the public draft. No information about the intended size of the primary issue for Turtlemint's public listing was provided in the paragraph.
Turtlemint Fintech Solutions is backed by Jungle Ventures, Nexus Venture Partners, Vitruvian Partners, and Peak XV Partners. The company is aiming for a public listing in October 2025 on Dalal Street, joining a growing list of new-age Indian startups such as Shadowfax, PhysicsWallah, Shiprocket, Imagine Marketing, and boAt, as well as Swiggy and Vishal Mega Mart who floated their IPOs in 2024 following confidential filings.
By taking the pre-filing route, Turtlemint Fintech Solutions joins the ranks of other major Indian companies who have opted for this strategy, such as Reliance Industries, Adani Enterprises, and Paytm. This approach allows companies to conduct market sounding exercises, gauge investor interest, and refine their offerings before formally launching the IPO process.
As Turtlemint Fintech Solutions moves closer to its public listing, investors and stakeholders will be eagerly awaiting more details about the offering, including the intended size of the primary issue and the expected date of the public listing.
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