Insurtech unicorn Turtlemint to raise ₹883 crore; issue priced at ₹144-152 per share
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Insurtech unicorn Turtlemint Fintech Solutions is set to launch its initial public offering (IPO) on June 19, with the issue closing on June 23. The company has fixed a price band of ₹144-152 per share, aiming to raise ₹882.66 crore through a combination of a fresh issue and an offer for sale (OFS).
The IPO comprises a fresh issue of shares worth ₹660.72 crore and an OFS of 1.46 crore equity shares aggregating to ₹221.94 crore. The allotment is expected to be finalised on June 24, while the shares are scheduled to debut on the BSE and NSE on June 29.
Under the OFS portion, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavansh, along with several existing investors, including Kunal Shah, Blume Ventures, Nexus Venture Partners, Peak XV Partners, and GGV Capital, will partially sell their holdings.
Founded in 2015, Turtlemint operates a technology-driven platform that connects insurance advisors, customers and insurance companies. The platform enables users to compare and purchase a range of insurance products, including health, life and motor insurance. Beyond insurance, the company has expanded its offerings to include mutual funds and personal loans, positioning itself as a broader financial services marketplace.
The company plans to utilise the proceeds from the fresh issue to strengthen its technology infrastructure and support future growth initiatives. A portion of the funds will be deployed towards cloud and server-related infrastructure, salary expenses for product development and technology teams, marketing initiatives, lease payments, and investments in its wholly owned subsidiary, TIB, to meet working capital requirements. The company also intends to earmark funds for potential inorganic growth opportunities through acquisitions, in addition to general corporate purposes.
For investors, the minimum application size has been fixed at one lot comprising 98 shares and multiples thereof. As per the DRHP, the company has reserved 75% of the issue for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors.
On the earnings front, Turtlemint has reported strong revenue growth but continues to remain loss-making. For the six months ended September 2025, the company posted total income of ₹469.37 crore compared with ₹693.21 crore for the full financial year ended March 2025. Net loss stood at ₹125.15 crore during the period, following losses of ₹194.11 crore in FY25 and ₹193.35 crore in FY24.