The insurtech company Turtlemint has submitted its revised Draft Red Herring Prospectus to the Securities and Exchange Board of India for its forthcoming initial public offering which represents a significant advancement toward its public listing process. The filing followed last month when SEBI issued its regulatory approval.
The IPO consists of two components which include a new issuance of equity shares valued at Rs 660 crore (approximately $73.3 million) and an offer for sale (OFS) of 2.86 crore shares. The OFS distribution includes Nexus Venture Partners which holds 91.43 lakh shares or 32% of the entire OFS and Peak XV Partners which possesses 79.21 lakh shares. The group of investors includes Jungle Ventures Blume Ventures GGV Ventures and angel investor Kunal Shah. Co-founders Anand Prabhudesai and Dhirendra Mahyavanshi will also sell 21.12 lakh and 22.1 lakh shares respectively.
Turtlemint which Mahyavanshi and Prabhudesai established in 2015 functions as a digital insurance marketplace that links advisors and customers. The platform enables users to buy motor health and life insurance together with mutual funds and loans while it provides advisors with digital tools to enhance their business operations.
According to the DRHP, proceeds from the fresh issue will be used for:
- Rs 193 crore: Salaries for technology and product development teams
- Rs 129 crore: Investment in wholly owned subsidiary TIB
- Remaining funds: Cloud and server infrastructure, marketing, lease payments, and general corporate purposes
The latest document reveals that Nexus Venture Partners has the biggest ownership share of 24.05% in the company while Peak XV Partners owns 20.84% and co-founders Prabhudesai and Mahyavanshi possess 8.72% and 8.33% of the company respectively and Jungle Ventures holds 4.54% and Kunal Shah owns 1.45%.
Turtlemint reported its operating revenue for the first half of FY26 as Rs 463.3 crore which represented a twofold increase but its losses increased by 27% to reach Rs 126 crore because the company continued investing in its growth and platform expansion efforts.
