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The IPO will comprise a fresh issue of equity shares worth up to INR 660.7 Cr and an offer-for-sale (OFS) component of up to 2.86 Cr shares

Cofounders Prabhudesai and Mahyavanshi, along with investors Nexus Ventures, Peak XV Partners, Jungle Ventures, among others will offload shares via the OFS

Turtlemint filed confidential DRHP with the SEBI in September last year, and the markets regulator gave its approval for the public issue in December

Insurtech soonicorn Turtlemint has filed an updated draft red herring prospectus (UDRHP) with the Securities Exchange Board of India (SEBI) for its IPO.

The company’s proposed public listing will comprise a fresh issue of equity shares worth up to INR 660.7 Cr and an offer-for-sale (OFS) component of up to 2.86 Cr shares.

Cofounders Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, along with institutional investors Nexus Ventures, Peak XV Partners, Jungle Ventures, Dream Incubator,  among others, will offload shares via the OFS. Kunal Shah will also sell shares through the IPO.

Nexus Ventures currently holds a 24.05% stake in the company, while Peak XV owns a 20.84% stake and Jungle Ventures’ ownership is at 4.54%.

Turtlemint picked the confidential route to file its DRHP with the SEBI in September last year, following which the markets regulator gave its approval for the public issue in December.

Founded in 2015 by Mahyavanshi and Prabhudesai, Turtlemint operates as an insurance distribution platform, connecting consumers with insurers through a network of financial advisors. It provides car, bike, health, and term life insurance.

Its 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.

Aside from insurance services, Turtlemint operates two other business arms namely Turtlefin and Turtlemint Money.

The Mumbai-headquartered company has raised close to $200 Mn to date from investors like Blume Ventures, Amansa Capital, among others. During its Series E funding round in 2022, its valuation soared close to the $1 Bn mark.

On the financial front, Turtlemint’s net loss for the six months ended September 30, 2025 widened 26.5% to INR 125.1 Cr from INR 98.9 Cr in H1 FY25. Meanwhile, operating revenue more than doubled to INR 463.3 Cr from INR 221.4 in the same period previous year.

(The story will be updated soon)