Turtlemint Moves Ahead With IPO, Files Updated DRHP With SEBI

Insurtech startup Turtlemint has filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), setting the stage for its debut on Indian markets.

The proposed IPO will include a fresh issue of equity shares worth ₹660 crore alongside an offer-for-sale (OFS) of approximately 2.8 crore shares, aggregating to a total issue size of around ₹2,000 crore.

Investor participation in the OFS includes marquee backers such as Nexus Venture Partners, Peak XV Partners, Jungle Ventures and others. Founders Anand Prabhudesai and Dhirendra Mahyavanshi are also expected to offload a portion of their holdings.

The filing follows SEBI’s regulatory approval granted last month after Turtlemint initially submitted a confidential DRHP in late 2025. The listing is anticipated by April 2026, subject to market conditions and further regulatory clearances.

Founded in 2015, Mumbai-based Turtlemint operates a digital insurance distribution marketplace that connects customers and advisors, offering a mix of motor, health, life and other financial products.

According to recent disclosures, the company reported a sharp rise in operating revenue during the first half of FY26, alongside widening losses — a trend reflective of its growth-stage investments.

Turtlemint plans to utilise IPO proceeds partly for technology and product development, expanding infrastructure, bolstering its subsidiary, TIB, and supporting general corporate purposes.