Mumbai-based insurtech firm Turtlemint Fintech Solutions submitted its pre-filed draft red herring prospectus (DRHP) to SEBI and the stock exchanges on September 4, marking its plans to raise capital through an initial public offering (IPO).
“The filing of the pre-filed draft red herring prospectus shall not necessarily mean that the company will undertake the initial public offering,” the company, in its public announcement published in a business newspaper, said.
The tech-driven platform bridges customers, insurance advisors, and insurers, offering health, life, and motor insurance products, along with financial services such as mutual funds and loans.
Founded by Dhirendra Nalin Mahyavanshi and Anand Rohidas Prabhudesai, Turtlemint Fintech Solutions has enabled the distribution of over 1.6 crore insurance policies across 19,105 pin codes between FY 2023 and FY 2025. Its network includes more than 4 lakh POSPs (point-of-sale persons), 4.3 lakh trained insurance advisors, and partnerships with over 42 insurance companies.
Turtlemint counts marquee investors such as Nexus Venture Partners, Jungle Ventures, Peak XV Partners (formerly Sequoia Capital India), and Blume Ventures among its backers. According to market experts, the confidential pre-filing route provides companies greater flexibility and less pressure to go public, enabling engagement with a limited pool of institutional investors ahead of the IPO.
Unlike the traditional process, which requires launching an IPO within 12 months of SEBI’s approval, the pre-filing mechanism allows companies up to 18 months from SEBI’s final observations. It also offers the option to revise the primary issue size by as much as 50 percent until the Updated Draft Red Herring Prospectus (UDRHP) stage. Turtlemint operates in the same space as PB Fintech, the parent company of Policybazaar, which raised ₹5,710 crore in its November 2021 IPO and now trades nearly 86 percent above its issue price of ₹980 per share.
