Turtlemint Confidentially Files IPO Papers With SEBI

Nexus Venture-Backed Turtlemint’s FY22 Loss Surges 4.4X To INR 7.2 Cr, Revenue Jumps 57%

SUMMARY

Insurtech startup Turtlemint has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI)

The filing comes months after it was reported that the Mumbai-based startup was in talks with Motilal Oswal, JM Financial, ICICI Securities and Jefferies to launch a $200 Mn to $250 Mn IPO

Turtlemint counts Jungle Ventures, Nexus Venture Partners, Vitruvian Partners, and Peak XV Partners among its backers. It last raised $120 Mn in 2022 at a valuation of $900 Mn

Insurtech startup Turtlemint has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

“… The company has filed the pre-filed draft red herring prospectus with SEBI and the stock exchanges, under Chapter IIA of the SEBI ICDR Regulations in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges,” Turtlemint said in a statement.

The filing comes months after it was reported that the Mumbai-based startup was in talks with Motilal Oswal, JM Financial, ICICI Securities and Jefferies to launch a $200 Mn to $250 Mn IPO. At the time, the startup was said to be expecting to hit Dalal Street by October 2025.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint runs an online insurance distribution platform that connects consumers with insurers through financial advisors. The startup works across multiple categories, including car, bike, health, and term life insurance, and claims to have empowered over 3 Lakh advisors while serving millions of customers.

Turtlemint counts Jungle Ventures, Nexus Venture Partners, Vitruvian Partners, and Peak XV Partners among its backers. It last raised $120 Mn in 2022 at a valuation of $900 Mn.

Overall, it has raised a total funding of about $197 Mn to date.

On the financial front, the startup’s operating revenue more than tripled to INR 505 Cr in FY24 from INR 156.5 Cr in FY23. However, its net profit stayed flat at INR 6 Cr.

With the pre-filing of IPO papers, Turtlemint has joined the long-list of new-age tech companies preparing to go public. Earlier this week, SEBI cleared the IPOs of Urban Company and boAt. The public issues of two new-age tech companies – DevX and Urban Company – will open on September 10 (Wednesday) and close on September 12 (Friday).