Top News

Turtlemint managed to trim down its Q1 FY27 net loss 19% to ₹37.8 Cr from a loss of ₹46.7 Cr in the same quarter last year

Sequentially, the company slipped into the red from a net profit of ₹3.1 Cr

Operating revenue jumped 40% to ₹294.1 Cr from ₹210.5 in the June quarter of the previous fiscal

Recently listed insurtech company Turtlemint managed to trim down its Q1 FY27 net loss 19% to ₹37.8 Cr from a loss of ₹46.7 Cr in the same quarter last year. Sequentially, the company slipped into the red from a net profit of ₹3.1 Cr.

Operating revenue jumped 40% to ₹294.1 Cr from ₹210.5 in the June quarter of the previous fiscal. On a sequential basis, the company’s top line dipped 18% from ₹357.2 C.

Including other income worth ₹1.6 Cr, the company’s total income for the quarter stood at ₹295.7 Cr.

Meanwhile, total expenses for the quarter under review increased 28% YoY to ₹333.5 Cr.

Turtlemint’s service EBITDA, which is derived from operating revenue minus direct operational expenses, jumped 89% to ₹39 Cr in the quarter under review from ₹21 Cr in Q1 FY26. Meanwhile, adjusted EBITDA as a percentage of revenue improved to -9% in Q1 FY27 from -20% in Q1 FY26.

The company attributed this growth to increased efficiency on the back of technology.

“Service EBITDA growth of 89% YoY is a clear signal that our platform economics are strengthening at scale. Technology continues to be the core reason behind the increasing efficiency across every layer of the business, from digital partner onboarding to sales support,” Turtlemint’s COO Anand Prabhudesai said

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

The company claims to have facilitated the sale of over 3 Cr+ insurance policies across health, life, motor, and business insurance, in partnership with 46 insurers.

Operationally, the company is now active in 19,186 pincodes with 83 physical branches.

The company serves three stakeholders in the insurance space — customers, digital partners, and insurers.

This also includes PoSPs who have completed mandatory training and certification required under IRDAI’s PoSP Regulations. The company claims to have a network of 6.9 Lakh digital partners on its platform with 32k DPs onboarded in Q1 FY27.

The company’s proprietary “Insurance Hub” and “Integration Studio” platforms are positioned as infrastructure that lets insurers plug into Turtlemint’s distributor network  including its seller app, and third-party banks, brokers, ecommerce platforms and fintechs.

Shares of Turtlemint ended today’s trading session at 2.6% down at ₹137.3 apiece on the BSE.