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₹152 - 152
Turtlemint Fintech Solutions Ltd
IT - SoftwareIPO
₹152 - 152
Turtlemint is a tech-enabled insurance distribution platform that 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 the Peer Group as of March 31, 2025 as well as December 31, 2025. According to the Redseer Report, we have significantly outpaced the growth of the overall retail insurance market, in terms of gross direct premium income ("GDPI"). While the combined growth rate of retail health, retail life new business, and motor insurance stood at a CAGR of approximately 10.3% between Fiscals 2020 and 2025, we achieved a GDPI growth (within the same categories) of approximately 3.00 times higher in the period. The Company has demonstrated significant growth in our Platform Premium, growing from Rs.6,989.02 million in Fiscal 2020 to Rs.29,459.36 million in Fiscal 2025, achieving a CAGR of 33.34%, and by 33.63% from Rs.19,692.60 million in the nine months period ended December 31, 2024 to Rs.26,315.69 million in the nine months period ended December 31, 2025. It has facilitated distribution of 21.87 million insurance policies from April 1, 2022 to December 31, 2025 that generated Platform Premium amounting to Rs.100,661.01 million across 19,171 pin codes in India, as of December 31, 2025 (representing 97.88% of the total pin codes (i.e., 19,587 pin codes) in India, as of October 2025, according to the Redseer Report).
Lot98Min Invest₹14,896Face Value₹1Issue Size₹883 CrFresh Issue₹661 CrOffer for Sale₹222 CrListing Price₹136CMP₹57
Timeline
19 Jun
Bidding opens
23 Jun
Bidding closes
24 Jun
Allotment
25 Jun
Refund & demat credit
29 Jun
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹883 Cr5.81 Cr shares
Fresh Issue₹661 Cr
Offer for Sale₹222 Cr
Face Value₹1
Lot Size98 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,8961-13 lots
sNII₹2,08,544from 14 lots
bNII₹10,12,928from 68 lots
Managers & Registrar
Lead ManagerICICI Securities Limited
Co-ManagerJefferies India Private Limited, JM Financial Limited, Motilal Oswal Investment Advisors Limited
RegistrarKFin Technologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrAnand Rohidas PrabhudesaiPRMTR21,12,30532.11Dhirendra Nalin MahyavanshiPRMTR22,10,91333.61Catalyst Trusteeship Limited - Trustee - Blume Ventures (Opportunities) Fund IIAOTH3,99,4946.07Dream Incubator Inc.OTH2,03,1423.09GGV VII Investments Pte. Ltd.OTH11,91,89318.12Humming Bird Investment Holdings SPVOTH1,89,9502.89Nexus Ventures IV, Ltd.OTH27,47,23041.76Peak XV Partners Investments V (formerly known as SCI Investments V)OTH43,56,73966.22Vistra ITCL (India) Ltd - Trustee - Blume Ventures Fund 1XOTH6,56,7339.98Kunal ShahINDVL5,33,4478.11Total1,46,01,846221.95
Shareholding
CategoryPre IPOPost IPOPromoter Group17.05%13.22%Public82.95%86.78%
Objects of the Issue
- Expenditure towards cloud and server related infrastructure of the Company
- Sa lary expenditure towards the technology and product development teams of its Company
- Ex penditure towards marketing initiatives by the Company
- Ex penditure towards lease payments for existing properties of the Company and our wholly owned Subsidiary
- In vestment in our wholly owned Subsidiary, TIB, for funding its working capital requirements
- General Corporate Purpose
Anchor Book
Bid Date18-Jun-2026Shares2,61,31,680Amount₹397 Cr30-day lock-in23-Jul-202690-day lock-in21-Sep-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 294 | 420 | 79 | 663 | 1,098 |
| Operating ProfitCr | -172 | -314 | -212 | -188 | -130 |
| OPM% | -58.4 | -74.8 | -269.8 | -28.4 | -11.9 |
| PBTCr | -168 | -288 | -193 | -189 | -193 |
| PATCr | -168 | -288 | -193 | -194 | -184 |
| EPS | -3,751 | -11 | -7 | -7 | -7 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 0 | 0 | 5 |
| ReservesCr | 106 | 742 | 562 | 409 | 298 |
| BorrowingsCr | 18 | 26 | 19 | 27 | 19 |
| Fixed AssetsCr | - | - | - | 44 | 34 |
| Total AssetsCr | 199 | 900 | 613 | 556 | 450 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -186 | -286 | -242 | -216 | -182 |
| Investing Cash FlowCr | 196 | -579 | 248 | 235 | 172 |
| Financing Cash FlowCr | -13 | 903 | -10 | -15 | -13 |
| Net Cash FlowCr | -3 | 37 | -4 | 5 | -23 |
Strengths & Risks
Strengths · as stated in the DRHP
- Strong positioning in the PoSP landscape driving scalable pan India distribution.
- Diversified and granular Digital Partner network enabled by tech-driven training.
- Long-term partnerships with multiple Insurer Partners;
- Consistently strong earnings and high Digital Partner retention drive favourable unit economics and operating leverage
- Self-reinforcing flywheels driving strong network and learning effects.
- Promoter led company with an experienced management team backed by marquee investors.
Strategies · as stated in the DRHP
- Continue to deepen penetration and scale insurance distribution in B30+ markets through expanding our Digital Partner network.
- Introducing new insurance products and adding other financial products to become one stop shop for all financial needs of its customers.
- Continue to leverage technology and AI to drive scalable growth and improve operational efficiency.
- Enhance its capabilities through strategic investments and acquisitions.
- Invest into branding efforts across its product lines.
Risks · as stated in the DRHP
- The company has incurred loss for the period/ year of (Rs.1,873.89) million, (Rs.1,546.63) million, (Rs.1,941.05) million, (Rs.1,933.48) million and (Rs.2,881.83) million on a restated basis in the nine months period ended December 31, 2025 and December 31, 2024, and Fiscals 2025, 2024 and 2023, respectively, and proforma loss for the year of (Rs.2,025.62) million, (Rs.1,869.90) million and (Rs.2,837.56) million on a proforma basis, in Fiscals 2025, 2024 and 2023, respectively. The company has also witnessed negative cash flows from operations (net cash flow (used) in operating activities was (Rs.1,753.07) million, (Rs.1,634.10) million, (Rs.2,158.08) million, (Rs.2,416.66) million and (Rs.2,859.16) million on a restated basis in the nine months period ended December 31, 2025 and December 31, 2024, and Fiscals 2025, 2024 and 2023, respectively). The company Net Worth has decreased from as of March 31, 2023 to December 31, 2025 and its had negative Return on Net Worth and negative EPS in the nine months period ended December 31, 2025 and December 31, 2024 and Fiscals 2025, 2024 and 2023. If the company is unable to generate adequate revenue growth and manage its expenses and cash flows, the company may continue to incur losses and its business, financial condition, results of operations and cash flows may be adversely affected.
- The company derives majority of revenue from general insurance companies (contributing 93.27% and 87.20% of its revenue from operations in the nine months period ended December 31, 2025 and December 31, 2024, respectively, and 88.21%, 79.35% and 71.07% of the company proforma revenue from operations in Fiscals 2025, 2024 and 2023, respectively), primarily from the sale of motor insurance products. Any loss of relationships with general insurance companies, constraint on sale of general insurance products, particularly motor insurance, offered by them or any inability to diversify its portfolio mix, could has a material adverse effect on the company business, prospects, financial condition, results of operations and cash flows.
- The company derived almost all its revenues from commissions, rewards and fees received from Insurer Partners and other financial service providers in the nine months period ended December 31, 2025 and December 31, 2024, and Fiscals 2025 and 2024 (income from distribution of financial products accounted for 98.91% and 96.96% of its revenue from operations in the nine months period ended December 31, 2025 and December 31, 2024, respectively, and proforma income from distribution of financial products accounted for 97.99%, 90.75% and 29.56% of the company proforma revenue from operations in Fiscals 2025, 2024 and 2023, respectively). Any reduction in these fee rates may has an adverse effect on the company business, financial condition, results of operations and cash flows.
- The Company acquired Turtlemint Insurance Broking Services Private Limited with effect from May 8, 2024 from one of its Promoters, Dhirendra Nalin Mahyavanshi, and accordingly, the company does not has a long consolidated operating history through which its overall performance may be evaluated. Further, the Unaudited Proforma Financial Information prepared for this Red Herring Prospectus is presented for illustrative purposes only to illustrate the impact of the TIB Acquisition on the company results of operations as if the acquisition had been consummated on April 1, 2024, April 1, 2023 and April 1, 2022 and may not accurately reflect its future results of operations.
- The company depends heavily on its Digital Partners and incur significant costs in recruiting, activating, managing and retaining them. Cost of acquiring and retaining Digital Partners accounted for 77.45% and 67.50% of its total expenses in the nine months period ended December 31, 2025 and December 31, 2024, respectively, and 69.98%, 66.61% and 69.59% of the company proforma total expenses in Fiscals 2025, 2024 and 2023, respectively. Attracting, managing and retaining Digital Partners is critical to its business, and failures to does so in a cost-effective way may has an adverse effect on the company business, prospects, financial condition, results of operations and cash flows.
- The company revenue from operations has experienced significant changes dues to certain regulatory developments and the acquisition of TIB, which has and may continue to affect the comparability of its past and future financial performance. Income from marketing fees constituted 53.62% and 88.05% of the company revenue from operations in Fiscals 2024 and 2023, respectively, however, it ceased to be a major source of revenue in Fiscal 2025 and the nine months period ended December 31, 2025 and December 31, 2024 following certain regulatory developments in Fiscal 2024, which resulted in changes in terms of engagement with Insurer Partners. Conversely, following the TIB Acquisition in Fiscal 2025 (after which it became the company Subsidiary), income from distribution of financial products, which constituted 8.83% and 0.58% of our revenue from operations in Fiscals 2024 and 2023, respectively, increased significantly to 97.63%, 98.91% and 96.96% of its revenue from operations in Fiscal 2025 and the nine months period ended December 31, 2025 and December 31, 2024, respectively.