INDmoney
Turtlemint IPO
IPO Price Range: Not Announced Yet
IPO Status
Upcoming
Listing Exchange
BSE
Objectives of IPO
- The company’s IPO has two parts: a fresh issue of shares worth ₹660.72 crore, and an offer for sale of up to 2.86 crore (28,608,992) equity shares by existing shareholders. The money from the fresh issue will go to the company to fund its plans, while the money from the offer for sale will go fully to the shareholders who are selling, including promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, and investors like Nexus Ventures IV and Peak XV Partners Investments. The company says it will use the fresh issue money for the specific goals below.
- Salaries for technology teams: It plans to use ₹193.04 crore to pay salaries for its technology and product development teams. This supports its push to build and use artificial intelligence to improve efficiency and customer support, and to keep running a team that had 259 employees as of September 30, 2025.
- Funding for its subsidiary: It wants to put ₹128.64 crore into its wholly owned subsidiary, Turtlemint Insurance Broking Services Private Limited (TIB), mainly for working capital (day-to-day cash needed to run operations). TIB needs this because it often pays commissions to partners upfront when a policy is sold, but the insurance company pays TIB later, so there’s a timing gap in cash flow, and that gap was ₹89.80 crore as of September 30, 2025.
- Rent for office spaces: It will set aside ₹43.08 crore to pay lease rent for its current offices, including its head office and branches. As of September 30, 2025, it was operating from 83 leased locations, and this amount is split between the company and its subsidiary, TIB.
- Marketing activities: It proposes to spend ₹39.07 crore on marketing to strengthen the brand and bring in more partners through both online and offline channels. For context, its total marketing spend in FY25 (year ended March 31, 2025) was ₹11.80 crore.
- Technology infrastructure costs: It has earmarked ₹25.64 crore for cloud and server infrastructure (basically, the computing backbone that runs the platform). This covers a commitment under a vendor (Amazon Internet Services Private Limited) contract to spend about ₹25.64 crore ($2.95 million) over a three-year period ending August 2028.
- Growth through acquisitions and general purposes: It will use the remaining money to buy other businesses or for other strategic moves and general corporate needs.
Financial Performance of Turtlemint
Total income has been quite up-and-down. It dropped sharply from ₹460.1 crore in FY23 to ₹119.1 crore in FY24, mainly because regulatory changes cut down its marketing fee income significantly. After that, revenue jumped to ₹693.2 crore in FY25 and was ₹469.4 crore in the first half of FY26, largely because it acquired Turtlemint Insurance Broking Services Private Limited (TIB) and then consolidated (combined into its own financials) the insurance distribution commissions it earns. You can see the same shift in platform premium (the total premium sold through the platform), which rose to ₹2,945.9 crore in FY25, and around 75% of that came from outside the top 30 cities.
Even with that top-line growth (overall revenue growth), the company is still making losses. Losses widened to ₹125.1 crore in the first half of FY26 from ₹98.9 crore in the same period earlier, mainly because it paid higher commissions to digital partners to push volumes, and also had some exceptional expenses linked to financial instruments (things like specific funding-related accounting items that can create one-time costs). Meanwhile, total assets have been steadily shrinking, from ₹900.4 crore in FY23 to ₹472.7 crore in the latest half-year, mostly because net worth has been getting depleted by the accumulated losses over time.
Strengths and Risks
Strengths
It’s in a strong spot because it has the biggest network of certified advisors compared to similar companies, with a 15.97% share. As of September 30, 2025, it had over 6.03 lakh registered partners helping sell insurance across India.
A big chunk of its business comes from smaller towns and cities, often called B30+ markets (basically, places outside the top big financial cities). These areas contributed 74.79% of its total platform premium (the total insurance amount customers paid) in the six months ended September 30, 2025. Its network reaches 19,153 pin codes, covering 97.80% of India.
Its spending on technology seems to be paying off in day-to-day efficiency. Premium productivity per employee (how much premium each employee helps generate) went up from ₹86 lakh in FY23 to ₹1.25 crore in FY25. In simple terms, it’s been able to grow volumes without needing to add people at the same pace. Which, however, dropped to ₹68.1 lakh during H1 FY26.
It appears to keep partners around, and partners also seem to earn more over time. For example, partners who joined in the FY20 cohort increased their average earnings by 2.8 times by FY25. When partners see their income grow, they’re more likely to stick around, which helps the company maintain a stable and productive network.
Even though the company is still reporting overall losses, the underlying business metrics look healthier. Its Service EBITDA margin (profit from core services, a “core operating profit” measure) was 11.04% for the six months ended September 30, 2025, and 11.89% on a proforma basis for FY25. That suggests the core operations can generate decent margins before head-office and other overhead costs.
Risks
The company has been losing money for a while. It reported a restated loss of ₹125.15 crore for the six months ended September 30, 2025, and a proforma loss of ₹202.56 crore for FY25 (proforma means adjusted as if a certain structure/assumption applied for the full year). If losses continue, it can eat into net worth (the company’s own capital after liabilities) and make growth harder to fund.
A lot of its revenue is tied to general insurance companies, which made up 92.46% of revenue in the six months ended September 30, 2025. Within that, motor insurance is a key driver, so if rules change, pricing tightens, or demand cools in motor, the company’s income could take a real hit.
Regulation has already shown it can reshape the business quickly. Income from marketing fees dropped to zero in the six months ended September 30, 2025, from ₹369.75 crore in FY23. If regulators change how commissions or fees work again, the company may have to rethink its revenue model and could see earnings swing.
Right now, the company depends heavily on its subsidiary, TIB, which it acquired in May 2024. TIB brought in 97.36% of revenue in the six months ended September 30, 2025. That’s efficient in one sense, but it’s also a concentration risk; if TIB faces operational issues, compliance trouble, or slower growth, the impact hits the whole group directly.
Keeping and growing the partner network isn’t cheap. Partner acquisition and retention costs (money spent to onboard partners and keep them active) were 76.58% of total expenses in the six months ended September 30, 2025. If these costs stay this high while the company expands, getting to profitability could remain a long and uncertain journey.
How to Apply for Turtlemint IPO on INDmoney
- Download the INDmoney app and complete your KYC.
- Go to INDstocks → IPO, or just search “IPO”.
- Tap on Turtlemint IPO from the list of live IPOs.
- View key details like price band, lot size, and dates.
- Tap Apply Now and choose your number of lots.
- Use INDpay UPI for instant mandate tracking.
- Your funds will be blocked until the share allotment is finalized.
Listed Competitors of Turtlemint
Company | Platform Premium | Operating Revenue | Adjusted EBITDA | Profit |
Turtlemint | ₹2,946 Cr | ₹663 Cr | -₹177 Cr | -₹194 Cr |
₹23,486 Cr | ₹4,977 Cr | ₹333 Cr | ₹353 Cr |
Turtlemint Shareholding Pattern
| Promoters | 17.05% | |
| Name | Role | Stakeholding |
| Dhirendra Nalin Mahyavanshi | Promoter | 8.72% |
| Anand Rohidas Prabhudesai | Promoter | 8.33% |
| Public | 82.95% | |
| Name | Role | Stakeholding |
| Nexus Ventures IV, Ltd. | Public | 21.68% |
| Peak XV Partners Investments V | Public | 20.84% |
| Jungle Ventures III Investment Holding | Public | 4.54% |
| SIG Global India Fund I, LLP | Public | 3.82% |
| Amansa Investments Ltd. | Public | 3.56% |
| GGV VII Investments Pte. Ltd. | Public | 3.14% |
| Blume Ventures Fund 1X | Public | 2.92% |
| Amfam VC Fund III, LP | Public | 2.89% |
| Nexus Ventures VI Holdings, LLC | Public | 2.37% |
| MassMutual Ventures US II LLC | Public | 2.02% |
| MW XO Digital Finance Fund Holdco Ltd. | Public | 1.78% |
| Terrapin Lux SCSP | Public | 1.78% |
| Blume Ventures (Opportunities) Fund IIA | Public | 1.78% |
| Kunal Shah | Public | 1.45% |
| Others | 8.38% |
About Turtlemint
It works with customers all across India, reaching 19,153 pin codes, almost the whole country at 97.80% coverage, and it leans strongly toward smaller towns and cities (often called B30+ markets, meaning locations outside the top 30 big mutual fund/financial markets). To make that reach possible, it runs on a huge partner base of over 6.03 lakh registered partners, including more than 4.85 lakh certified advisors. It backs up this network with 81 physical branches and tie-ups with 44 insurance companies, and since April 2022, it has helped distribute nearly 19.68 million policies.
The way its value chain works is pretty straightforward: insurance companies create the products, local advisors sell them using Turtlemint’s app, and customers get the cover they need for protection. The tech layer helps train advisors and also helps them figure out what policy fits a customer best, so the customer still gets that “someone is guiding me” feeling instead of being left alone with fine print. Going ahead, the company wants to go deeper into smaller cities, add more financial products, and move toward being a one-stop shop. It also plans to put more money into artificial intelligence to make advisors faster and more effective.
For more details, visit here: www.turtlemint.com
Frequently Asked Questions of Turtlemint IPO
Can we invest in Turtlemint IPO?
What would be the listing gains on the Turtlemint IPO?
What is 'pre-apply' for Turtlemint IPO?
When is the Turtlemint IPO coming?
Turtlemint hasn’t shared exact IPO dates yet. What we do know is that the company has filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI. In that filing, it’s proposed a fresh issue of shares worth ₹660.72 crore and an offer for sale (OFS) of around 2.86 crore equity shares.
Who are the promoters of Turtlemint?
The promoters are Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi. Together, they hold 17.05% of the company’s pre-IPO share capital. They’re not just names on paper either, both are actively running the business, with Anand as Chief Operating Officer (COO, who manages day-to-day execution) and Dhirendra as Chief Executive Officer (CEO, who leads overall strategy).
Who are the competitors of Turtlemint?
Turtlemint’s closest competition comes from digital insurance distributors like Policybazaar (PB Fintech Ltd.) and InsuranceDekho. But it’s not only online players, traditional sellers like individual agents, banks, and even insurance companies selling directly to customers also compete hard for the same buyers. So it’s a crowded market, with older offline networks and newer app-based platforms all trying to grab share in insurance distribution.
How does Turtlemint make money?
Most of Turtlemint’s money comes from commissions and fees for selling financial products; think of it as earning a cut for helping a customer buy a policy or product. In the six months ended September 30, 2025, 98.91% of revenue came from this. A big part of that depends on general insurance, especially motor insurance, sold through its partner network, so the health of that segment matters a lot to its overall income.