Mumbai-based insurtech startup Turtlemint (Turtlemint Fintech Solutions) has filed its Red Herring Prospectus for an IPO seeking to raise ₹882.67 Cr (~$93M), as publicly reported on June 16, 2026. The offering is managed by book running lead managers ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors.
Quick Highlights
- Valuation: ~₹4,513 Cr (~$475M) at upper price band of ₹152
- Founders: Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi
- Lead Managers: ICICI Securities, Jefferies India, JM Financial, Motilal Oswal Investment Advisors
- OFS Sellers: Peak XV Partners, Blume Ventures, Nexus Ventures, among others
- Investor Background: Selling shareholders include marquee early-stage and growth-stage venture funds
- Headquarters: Mumbai, India
- RHP Filed: June 16, 2026
Funding Breakdown
Use of Funds
The IPO is structured as a ₹660.72 Cr fresh issue, with proceeds going directly to the company, alongside a ₹221.95 Cr offer for sale (OFS) through which existing shareholders — including Peak XV Partners, Blume Ventures, and Nexus Ventures — will partially exit their positions. The OFS proceeds accrue solely to the selling shareholders.
Funding Timeline
The IPO subscription window is set for June 19–23, 2026, with a price band of ₹144–152 per share. Shares are scheduled to list on both BSE and NSE on June 29, 2026.
Expansion Plans
Post-listing, Turtlemint’s shares will trade on both BSE and NSE, broadening its public market presence and investor base across India’s primary exchanges.
Significance
Turtlemint’s IPO is positioned as India’s largest insurtech public offering in the pipeline, a milestone that signals growing institutional appetite for distribution-led insurance platforms. The company operates India’s largest network of certified insurance advisors, commanding a 15.97% share, and reported revenue growth of 80.3% year-on-year for the nine months ending December 2025 — a growth trajectory that distinguishes it from many pre-profitability tech listings. The offering also represents a meaningful liquidity event for early backers such as Peak XV Partners and Blume Ventures, validating the long-term thesis around tech-enabled insurance distribution in a largely underpenetrated market.
These details have been verified against multiple publicly available reports as of June 16, 2026.
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Disclaimer: This report is compiled from publicly available sources and is for informational purposes only; funding figures are as publicly reported and may be subject to change.
