Tech-enabled insurance distribution platform Turtlemint Fintech Solutions Limited has filed UDRHP-I with SEBI for its proposed IPO, sources told Moneycontrol.
A UDRHP-I is an updated DRHP that company files with the market regulator after receiving its green light for its previously confidentiality filed draft red herring prospectus.
The offer comprises a fresh issue of equity shares aggregating up to Rs 660.7 crore, and an offer for sale of up to 28.6 million equity shares by the selling shareholders including Nexus Ventures, Peak XV and Jungle Ventures.
Turtlemint primarily operates in the insurance distribution industry in India. The company’s platform connects customers, insurance advisors and insurers. In 2015, Turtlemint became the first to adopt the point-of-sale person (PoSP) distribution model and also has the largest certified PoSP network among its peer group as of September 30, 2025.
“PoSP” are those who have completed the IRDAI mandatory certification to distribute insurance products. The company has on boarded a diversified base of 603,302 Digital Partners (financial product distribution partners), including 484,832 PoSPs, as of September 30, 2025 on their app - Turtlemint Pro. The company’s proprietary technology platform enables digital partners to assist customers in making informed product choices.
The company's primary offerings in the insurance sector include retail products across health, life, and motor insurance. From April 1, 2022 to September 30, 2025, the company has distributed 19.68 million insurance policies. In addition to the distribution of insurance policies, it facilitates other financial products on the platform, including mutual funds, loans (personal and business) and credit cards.
It operates an asset-light business model. The company acts solely as distributors of insurance and other financial products and does not assume any product liability.
“Company’s revenue has grown to Rs. 463.32 Crore for the H1FY26 v/s Rs. 221.4 Crore for H1FY25 registering a growth of around 109%, demonstrating operational leverage, speedy path to profitability and strong revenue growth trajectory. Company’s Renewal commission has risen by 64% from H1FY2024 to H1FY2025 which is a testament of the fact that the company has a recurring revenue stream and a steady cash-flow given its customer retention”, a person familiar with the development said.
Investment banks ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited and Motilal Oswal Investment Advisors Limited are advising Turtlemint on the IPO.
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