Insurtech Firm Turtlemint Receives SEBI Approval for IPO According to regulatory filings, the company submitted its IPO papers through the confidential pre-filing route.
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Mumbai-based insurtech firm Turtlemint has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), according to SEBI's processing status update on December 12, 2025.
The company had pre-filed its Draft Red Herring Prospectus through the confidential route in May this year and is reportedly planning to raise up to INR 2,000 crore through the offering.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint connects financial advisors with insurance customers. The platform claims to serve a network of over 500,000 advisors and has facilitated the sale of 1.6 crore insurance policies.
The co-founders observed that many insurance agents relied on pen-and-paper methods, which slowed customer onboarding and limited efficiency. To address this, they developed technology solutions to help advisors digitise their operations.
Turtlemint operates through an application that provides advisors with access to insurance product information, training modules, and masterclasses. The platform has also digitised processes such as training, licensing, and verification. Additionally, the company offers software-as-a-service solutions to banks, non-banking financial companies, and other financial institutions.
ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors have been appointed as merchant bankers for the IPO.
Turtlemint is expanding its enterprise offerings through its SaaS arm, Turtlefin, to serve banks, NBFCs, and e-commerce companies.
According to startup data platform TheKredible, Turtlemint has raised USD 190 million so far and was valued at around USD 900 million in its last USD 120 million funding round in April 2022.
Nexus and Peak XV are the largest shareholders, holding 24 percent and 20.83 percent stakes, respectively.
In India's insurance segment, key listed players include PB Fintech, the parent company of PolicyBazaar, and Go Digit General Insurance, while Acko is targeting a 2027 listing.
