Insurtech platform Turtlemint recently converted into a public limited company, a key step towards launching an initial public offering (IPO), people aware of the development told Moneycontrol.
Turtlemint, which was incorporated as a private limited company, is expected to file its draft red herring prospectus soon, the sources added. It is looking to raise up to Rs 2,000 crore through the share sale.
Following the approval of the ministry of corporate affairs, the company has been renamed Turtlemint Fintech Solutions Ltd, the sources said. It was earlier called Turtlemint Fintech Solution Pvt Ltd.
An email sent to Turtlemint did not elicit a response till the time of publication.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is a insur-tech platforms, focused on addressing critical gaps in access and awareness in India's insurance distribution. Turtlemint has built a network of over 400,000 registered insurance PoSPs (point of sales person) across 19,000 plus pin codes with advanced digital tools, AI-driven recommendations, and expert training. The platform claims to have processed more than 90 crore claims for more than 1.2 crore customers. The tech platform connects insurers, insurance advisors, and consumers
Turtlemint’s backers include Nexus Venture Partners, Jungle Ventures, Peak XV Partners (earlier Sequoia Capital India) and Blume Ventures.
Insurance IPOs
The Indian insurance industry has seen several IPOs in recent years, with the latest one in November 2024 when Niva Bupa Health Insurance Company Ltd raised Rs 2,200 crore through its initial share sale.
Earlier in May, Go Digit General Insurance Ltd raised Rs 2,614.6 crore.
Go Digit shares are trading over 30 percent higher on the stock exchanges, compared to its issue price of Rs 272, while Niva Bupa are trading at Rs 79.74 on the BSE against the issue price of Rs 74 apiece.
On the insurtech side, Policy Bazaar parent PB Fintech went public in 2021, raising Rs 5,709 crore.
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