Insurtech firm Turtlemint Fintech Solutions is preparing to take the next step towards its public market debut, with plans to file updated draft IPO papers with market regulator Sebi in the next two weeks, sources familiar with the matter said on Tuesday. The company is targeting a ₹2,000-crore initial public offering (IPO), likely to hit the markets between March and April 2026.
Turtlemint had confidentially submitted its preliminary IPO documents in September last year and received Sebi’s approval in December to proceed with the issue. Following the clearance, the company will now file its updated draft red herring prospectus (UDRHP), which will be open for public comments for 21 days. This will be followed by a second updated filing incorporating feedback, and finally the red herring prospectus (RHP) ahead of the IPO launch.
People aware of the plans said the company is aiming for a stock market listing by April.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a digital platform that simplifies the purchase and management of insurance policies. The company has sold around 1.6 crore insurance policies through a network of over five lakh advisors across India.
Turtlemint claims to have processed more than 90 crore claims for over 1.2 crore customers. Its technology enables financial advisors to quickly match customers with suitable insurance products, improving efficiency and supporting business expansion.
The company is backed by prominent investors including Amansa Capital, Jungle Ventures and Nexus Venture Partners. It connects insurers, advisors and consumers on a single technology platform and has established long-term partnerships with more than 40 insurance companies, representing nearly 65% of India’s life and general insurers.
The proposed IPO comes at a time of growing investor interest in the insurtech space. In November 2021, PB Fintech, the parent of Policybazaar and Paisabazaar, raised ₹5,710 crore through its public issue.
