Insurtech firm Turtlemint has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO), according to the processing status updated on the regulator’s website on December 12, 2025. The approval marks a key milestone for the Mumbai-based startup as it moves closer to entering the public markets.
Turtlemint had pre-filed its Draft Red Herring Prospectus (DRHP) through SEBI’s confidential route in May 2025. As per market reports, the company is planning to raise up to ₹2,000 crore through the IPO, though the final issue size and structure will be disclosed closer to launch.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a digital insurance marketplace that connects advisors with customers. The platform offers a wide range of insurance products across motor, health, and life segments, and has expanded into adjacent financial products such as mutual funds and loans. A key part of its model is enabling insurance advisors with technology-driven tools to scale distribution, improve productivity, and reach a wider customer base.
Beyond its core marketplace, Turtlemint has been scaling its enterprise and SaaS offerings through its arm Turtlefin (Fintech Blue Solutions Pvt Ltd). Turtlefin provides technology solutions to banks, non-banking financial companies (NBFCs), and e-commerce firms, helping them distribute and manage insurance and financial products more efficiently.
According to startup data intelligence platform TheKredible, Turtlemint has raised around $190 million in funding so far and was last valued at approximately $900 million during its $120 million funding round in April 2022. Nexus Venture Partners and Peak XV Partners are the largest shareholders, holding 24% and 20.83% stakes, respectively.
Financially, the company reported a 33% year-on-year rise in revenue to ₹675 crore for FY25. However, it slipped into losses during the year, posting a net loss of ₹47 crore.
In India’s listed insurance ecosystem, PolicyBazaar parent PB Fintech and Go Digit General Insurance are the key public players, while Acko is reportedly targeting a market debut in 2027.
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