Insurtech firm Turtlemint confidentially files IPO Papers with SEBI

Insurtech startup Turtlemint has confidentially submitted its draft red herring prospectus (DRHP) to SEBI for approval.

“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.

Looking ahead to 2025, the company plans to use AI and new technologies to strengthen advisor support and improve customer experience in insurance and financial services. Turtlemint highlights that it is “just 10 years young.”

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint runs an online insurance platform that links consumers with insurers through financial advisors. It covers car, bike, health, and term life insurance, and says it has empowered over 3 lakh advisors while serving millions of customers.

Backed by Jungle Ventures, Nexus Venture Partners, Vitruvian Partners, and Peak XV Partners, Turtlemint last raised $120 Mn in 2022 at a $900 Mn valuation, bringing its total funding to about $197 Mn.

In FY24, its operating revenue more than tripled to INR 505 Cr from INR 156.5 Cr in FY23, though net profit remained flat at INR 6 Cr.

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