Turtlemint files draft IPO with SEBI, eyes ₹660 cr fresh issue

Tech-enabled insurance distribution platform Turtlemint Fintech Solutions Ltd has filed its UDRHP-I with SEBI for its proposed initial public offering (IPO).

The proposed IPO includes a fresh issue of equity shares aggregating up to ₹660.7 crore and an offer for sale of up to 28.6 million equity shares by selling shareholders. The shares, with a face value of ₹1 each, are proposed to be listed on the BSE and NSE.

ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors

are appointed as the book running lead managers for the issue.

Turtlemint operates primarily in India’s insurance distribution space through a triadic platform connecting customers, insurance advisors, and insurers.

The company became the first to adopt the point-of-sale person (PoSP) distribution model in 2015 and currently boasts the largest certified PoSP network among its peer group, according to a Redseer Report.

“PoSPs” are individuals certified under IRDAI guidelines to distribute insurance products. As of September 30, 2025, Turtlemint has onboarded 603,302 digital partners, including 484,832 PoSPs, via its app Turtlemint Pro, helping customers make informed insurance and financial product decisions.

The company’s offerings cover retail insurance products across health, life, and motor insurance, and it has distributed 19.68 million policies between April 1, 2022, and September 30, 2025. Beyond insurance, the platform also facilitates mutual funds, personal and business loans, and credit cards.

Among its subsidiaries, Turtlemint Insurance Broking Services Private Ltd (TIB) is a composite insurance broker registered with IRDAI, while Turtlemint Mutual Funds Distributors Private Ltd (TMF), registered with AMFI, handles mutual fund distribution. Both subsidiaries leverage the company’s technology platform to enable faster go-to-market and cost-efficient last-mile distribution.

The company operates an asset-light business model, acting solely as a distributor without assuming any product liability.