New Delhi, Jan 6 (PTI) Insurtech firm Turtlemint Fintech Solutions Ltd is set to file its updated draft papers with markets regulator Sebi in the next two weeks as it prepares to launch its Rs 2,000-crore
initial public offering (IPO) anywhere between March and April, people familiar with the development said on Tuesday.
The company had confidentially filed its preliminary IPO papers in September and received Sebi's approval in December to move ahead with the public issue.
Following Sebi's approval, the company will file its updated draft red herring prospectus (UDRHP) in the next two weeks, which will be open for public comments for 21 days. After this, the firm is required to file UDRHP-II incorporating public comments and then RHP for the actual launch.
According to people familiar with the development, the insurtech firm is targeting a public listing by April.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the company focuses on simplifying the purchase and management of insurance policies and has sold around 1.6 crore policies through a network of more than five lakh advisors.
Turtlemint claims to have processed over 90 crore claims for more than 1.2 crore customers. Its technology helps financial advisors instantly match customers with insurance products best suited to their needs, thereby improving efficiency and supporting business growth.
On the investor side, the company counts Amansa Capital, Jungle Ventures and Nexus Venture Partners among its backers.
Turtlemint connects insurers, advisors and consumers on a unified technology platform and has forged long-term partnerships with over 40 insurer partners, accounting for nearly 65 per cent of all life and general insurers in India.
The proposed listing comes amid rising interest in insurtech offerings. In November 2021, PB Fintech, which operates Policybazaar and Paisabazaar, tapped the markets with a Rs 5,710-crore IPO. PTI SP DRR
DRR
