Turtlemint Files Updated DRHP for IPO with SEBI The IPO includes a fresh issue of equity shares worth INR 660 crore (about USD 73.3 million), alongside an offer for sale (OFS) of 2.86 crore shares.
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Insurtech firm Turtlemint has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO). This step follows regulatory approval from SEBI granted last month for the company's IPO plan.
The IPO includes a fresh issue of equity shares worth INR 660 crore (about USD 73.3 million), alongside an offer for sale (OFS) of 2.86 crore shares.
According to the updated DRHP, Nexus Venture Partners will lead the OFS, selling 91.43 lakh shares, roughly 32% of the total. Peak XV Partners plans to offload 79.21 lakh shares, while other investors such as Jungle Ventures, Blume Ventures, GGV Ventures, and angel investor Kunal Shah are also expected to participate.
Turtlemint's co-founders, Anand Prabhudesai and Dhirendra Mahyavanshi, will contribute to the OFS by selling 21.12 lakh and 22.1 lakh shares, respectively.
Founded in 2015 by Prabhudesai and Mahyavanshi, Turtlemint operates a digital marketplace connecting insurance advisors with customers. The platform offers insurance across motor, health, and life categories, in addition to other financial products like mutual funds and loans. The company also provides tools for advisors to manage clients and expand their business digitally.
Proceeds from the fresh IPO issue will be allocated across several areas. About INR 193 crore will be used for salary expenses for technology and product development teams, and INR 129 crore is earmarked for investment in Turtlemint's wholly owned subsidiary, TIB. The remainder will cover cloud and server infrastructure, marketing, lease payments, and other general corporate purposes.
As per the DRHP, Nexus Venture Partners is Turtlemint's largest shareholder with a 24.05% stake, followed by Peak XV Partners with 20.84%. Co-founders Prabhudesai and Mahyavanshi hold 8.72% and 8.33%, respectively, while Jungle Ventures and Kunal Shah hold 4.54% and 1.45%.
Financially, Turtlemint reported a twofold increase in operating revenue to INR 463.3 crore in the first half of the current fiscal year (H1FY26). However, losses widened by 27% to INR 126 crore compared to the same period last year.
