710
2 months ago
Turtlemint Files Updated DRHP For INR 660 Cr+ IPO
Summary
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ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
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Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
The IPO will comprise a fresh issue of equity shares worth up to INR 660.7 Cr and an offer-for-sale (OFS) component of up to 2.86 Cr shares
Cofounders Prabhudesai and Mahyavanshi, along with investors Nexus Ventures, Peak XV Partners, Jungle Ventures, among others will offload shares via the OFS
Turtlemint filed confidential DRHP with the SEBI in September last year, and the markets regulator gave its approval for the public issue in December
Insurtech soonicorn Turtlemint has filed an updated draft red herring prospectus (UDRHP) with the Securities Exchange Board of India (SEBI) for its IPO.
The company’s proposed public listing will comprise a fresh issue of equity shares worth up to INR 660.7 Cr and an offer-for-sale (OFS) component of up to 2.86 Cr shares.
Cofounders Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will sell up to 21.12 Lakh and 22.11 Lakh shares, respectively. Among institutional investors, Nexus Ventures, Peak XV Partners, Jungle Ventures, Dream Incubator, among others, will offload shares via the OFS.
Nexus Ventures currently holds a 24.05% stake in the company, while Peak XV owns a 20.84% stake and Jungle Ventures’ ownership is at 4.54%.
Kunal Shah, who cofounded Turtlemint alongside Mahyavanshi and Prabhudesai in 2015 and stepped away from the company in December 2020, will sell 5.33 Lakh shares through the OFS. Currently, Shah holds a 1.45% stake in the company.
Turtlemint picked the confidential route to file its DRHP with the SEBI in September last year, following which the markets regulator gave its approval for the public issue in December.
Founded by Mahyavanshi and Prabhudesai, Turtlemint operates as an insurance distribution platform, connecting consumers with insurers through a network of financial advisors. It provides car, bike, health, and term life insurance.
Its core strategy involves empowering a network of over 5 Lakh insurance advisors via its TurtlemintPro app. These advisors use digital tools to manage sales, renewals and claims.
Aside from insurance services, Turtlemint operates two other business arms – Turtlefin and Turtlemint Money. Turtlefin operates as a SaaS vertical, offering plug-and-play APIs and backend workflows to financial institutions such as banks, NBFCs and ecommerce firms to streamline insurance distribution. Turtlemint Money, launched in 2019, is focused on distribution of mutual funds that helps the company’s existing network of insurance agents cross-sell financial products.
The Mumbai-headquartered company has raised close to $200 Mn to date from investors like Blume Ventures, Amansa Capital, among others. During its Series E funding round in 2022, its valuation soared close to the $1 Bn mark.
Turtlemint's Funding Snapshot
Source: Inc42 Datalabs
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On the financial front, Turtlemint’s net loss for the six months ended September 30, 2025 widened 26.5% to INR 125.1 Cr from INR 98.9 Cr in H1 FY25. Meanwhile, operating revenue more than doubled to INR 463.3 Cr from INR 221.4 in the same period previous year.
For the full year FY25, the company’s net loss was almost flat at INR 194.1 Cr as against INR 193.3 Cr in FY24. However, operating revenue rose 8.4X to INR 662.7 Cr from INR 78.6 Cr in FY24.
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ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
The IPO will comprise a fresh issue of equity shares worth up to INR 660.7 Cr and an offer-for-sale (OFS) component of up to 2.86 Cr shares
Cofounders Prabhudesai and Mahyavanshi, along with investors Nexus Ventures, Peak XV Partners, Jungle Ventures, among others will offload shares via the OFS
Turtlemint filed confidential DRHP with the SEBI in September last year, and the markets regulator gave its approval for the public issue in December
Insurtech soonicorn Turtlemint has filed an updated draft red herring prospectus (UDRHP) with the Securities Exchange Board of India (SEBI) for its IPO.
The company’s proposed public listing will comprise a fresh issue of equity shares worth up to INR 660.7 Cr and an offer-for-sale (OFS) component of up to 2.86 Cr shares.
Cofounders Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will sell up to 21.12 Lakh and 22.11 Lakh shares, respectively. Among institutional investors, Nexus Ventures, Peak XV Partners, Jungle Ventures, Dream Incubator, among others, will offload shares via the OFS.
Nexus Ventures currently holds a 24.05% stake in the company, while Peak XV owns a 20.84% stake and Jungle Ventures’ ownership is at 4.54%.
Kunal Shah, who cofounded Turtlemint alongside Mahyavanshi and Prabhudesai in 2015 and stepped away from the company in December 2020, will sell 5.33 Lakh shares through the OFS. Currently, Shah holds a 1.45% stake in the company.
Turtlemint picked the confidential route to file its DRHP with the SEBI in September last year, following which the markets regulator gave its approval for the public issue in December.
Founded by Mahyavanshi and Prabhudesai, Turtlemint operates as an insurance distribution platform, connecting consumers with insurers through a network of financial advisors. It provides car, bike, health, and term life insurance.
Its core strategy involves empowering a network of over 5 Lakh insurance advisors via its TurtlemintPro app. These advisors use digital tools to manage sales, renewals and claims.
Aside from insurance services, Turtlemint operates two other business arms – Turtlefin and Turtlemint Money. Turtlefin operates as a SaaS vertical, offering plug-and-play APIs and backend workflows to financial institutions such as banks, NBFCs and ecommerce firms to streamline insurance distribution. Turtlemint Money, launched in 2019, is focused on distribution of mutual funds that helps the company’s existing network of insurance agents cross-sell financial products.
The Mumbai-headquartered company has raised close to $200 Mn to date from investors like Blume Ventures, Amansa Capital, among others. During its Series E funding round in 2022, its valuation soared close to the $1 Bn mark.
Turtlemint's Funding Snapshot
Source: Inc42 Datalabs
POWERED by
On the financial front, Turtlemint’s net loss for the six months ended September 30, 2025 widened 26.5% to INR 125.1 Cr from INR 98.9 Cr in H1 FY25. Meanwhile, operating revenue more than doubled to INR 463.3 Cr from INR 221.4 in the same period previous year.
For the full year FY25, the company’s net loss was almost flat at INR 194.1 Cr as against INR 193.3 Cr in FY24. However, operating revenue rose 8.4X to INR 662.7 Cr from INR 78.6 Cr in FY24.
Unlock special offers and join 10,000+ founders, investors & operators staying ahead in India’s startup economy.
Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the
hottest startup deals, supercharge your innovation projects, and stay updated with expert
curation.
Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn
to validate ideas, acquire customers, secure funding, and navigate the journey to startup
success.
Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence,
understand market landscapes, and decode emerging trends to make informed decisions.
Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful
investors, and keep track of upcoming funds, accelerators, and more.
Join a community of 10,000+ leaders & operators – unlock unlimited access to Inc42 stories,
videos, deals, member-only perks, and more.
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of
40,000+ stories.
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of
40,000+ stories.
Over $250,000 worth deals on software & tools to help your business scale up.
Network with industry leaders & operators with exclusive invites to Inc42’s
member-only virtual events
Enjoy an ad-free and clutter-free
experience as a member, focus on
what really matters to you
Your contribution will go on to
support and empower our unbiased
& data-driven journalism
Join 1000's of entrepreneurs, business leaders & makers and stay ahead with our sharp,
incisive & data-driven analysis on India’s tech and startup economy!
Unlock personalised stories, ad-lite reading, and exclusive newsletters on Inc42.
Tired Of Playing Catchup On Indian Tech?
Stay Ahead. Every Morning at 8
Get The Week’s Most Consequential Developments.
Inc42 In-Depth is your daily 9 PM newsletter with sharp insights from India’s startup economy.
Inc42 Moneyball is your Thursday newsletter on India’s venture capital trends. 4 PM sharp.
Inc42 Markets is your weekly newsletter on tech IPOs & startup stocks. Every Sunday
get access to a list of 200+ family offices betting big on startups
Get access to a list of Alma Mater Of India's Unicorn & Soonicorn Founders
Login or create a free account to continue reading in private mode.
AI Description
Turtlemint, an insurtech soonicorn, has updated its draft red herring prospectus for an IPO. The updated filing with SEBI is for an IPO valued at INR 660 Cr+.