• IPO issue details: Turtlemint's IPO opens on June 19 and closes on June 23 at a price band of ₹144 to ₹152, comprising a fresh issue of ₹661 crore and an OFS of ₹222 crore at an estimated market cap of ₹4,500 crore.
• Use of proceeds: Capital raised from the ₹661 crore fresh issue will be deployed into technology and AI investments, network expansion across under-penetrated tier-3 and tier-4 regions, and brand building.
• Profitability and margins: Top-line revenue grew approximately 80% in the last nine months, while service EBITDA improved from -11% to +11% (generating ₹80 crore) and fixed costs halved from 42% to 22% of revenue due to operating leverage.
• Advisor-led distribution model: Turtlemint operates an expert-led retail insurance ecosystem connecting over 6 lakh registered advisors and 44+ insurers across more than 19,000 pin codes, having issued over 2 crore policies to date.