Peak XV-Backed Turtlemint Gets SEBI Nod For IPO

SUMMARY

The markets regulator issued its observation letter to Turtlemint, along with six other companies, in the week ended December 12

Turtlemint confidentially filed its draft red herring prospectus (DRHP) with the regulator in September

While the size of the public issue would be clear after the startup files its updated DRHP, the issue is said to be in a range of $200 Mn to $250 Mn

Over three months after pre-filing its IPO papers, insurtech soonicorn Turtlemint has received regulatory approval from SEBI for its public issue.

The markets regulator issued its observation letter to Turtlemint, along with six other companies, in the week ended December 12. In SEBI parlance, the issuance of the observation letter translates to the regulator’s nod for the company to proceed with its IPO.

Turtlemint confidentially filed its draft red herring prospectus (DRHP) with the regulator in September.

While the size of the public issue would be clear after the startup files its updated DRHP, the issue is said to be in a range of $200 Mn to $250 Mn.

Founded in 2015, Turtlemint helps simplify the insurance journey for Indians via its phygital channels. It empowers insurance advisors with its digital tools (mobile app, APIs, training) to sell insurance products like health, motor, and life insurance. These insurance plans are from over 42 insurance providers.

The startup’s core strategy involves empowering a network of over 5 Lakh insurance advisors via its TurtlemintPro app. These advisors use digital tools to manage sales, renewals and claims.

Turtlemint operates three business arms as mentioned below:

Turtlemint Insurance: The bread-and-butter subsidiary of the IPO-bound startup offers a digital platform that acts as an online intermediary for comparing and purchasing various insurance products, including health, life, car, and bike insurance.

Turtlefin: This is the startup’s SaaS vertical that provides plug-and-play APIs and backend workflows to financial institutions such as banks, NBFCs and ecommerce firms.

Turtlemint Money: This arm is a newer initiative focused on distribution of mutual funds. It aims to help its existing network of insurance agents cross-sell financial products and deepen their customer relationships, thereby growing revenue streams for both the agents and the company.

The Mumbai-headquartered startup has raised close to $200 Mn to date from investors like Blume Ventures, Amansa Capital, Jungle Ventures, GGV Capital, among others. During its Series E funding round in 2022, the startup’s valuation soared close to the $1 Bn mark. The round saw it raise $120 Mn at a $900 Mn valuation.

On the financial front, Turtlemint’s insurance arm, Turtlemint Insurance, slipped into the red, in FY25. It reported a net loss of INR 47.1 Cr as against a profit of INR 7.4 Cr in FY24. However, operating revenue jumped 33.6% to INR 674.5 Cr from INR 505 Cr in FY24.

Meanwhile, Turtlemint Money’s operating revenue almost doubled to INR 8.9 Cr in FY25 from INR 4.8 Cr in the previous year. It posted a net profit of INR 66 Lakh as against a net loss of INR 7.4 Cr FY24.