Turtlemint Fintech Solutions Limited, a leading insurtech platform in India, has taken another step towards its initial public offering (IPO) by filing an Updated Draft Red Herring Prospectus (DRHP-I). The updated DRHP comes after the company received SEBI approval on December 10, 2025, as reflected in the latest filing.
The IPO is proposed to be a 100% book-built issue, comprising a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders.
About Turtlemint Fintech Solutions Limited
Founded in 2015, Turtlemint Fintech Solutions Limited operates a technology-enabled platform that connects insurance advisors, customers, and insurance companies. The platform enables users to compare and purchase insurance products across categories such as health insurance, life insurance, and motor insurance.
In addition to insurance distribution, Turtlemint also offers access to other financial products including mutual funds and personal loans, strengthening its position as a multi-product digital financial services platform.
The company was earlier known as Fintech Blue Solutions Private Limited and later renamed Turtlemint Fintech Solutions Private Limited, before converting into a public limited company.
IPO DRHP Status and Timeline
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DRHP Filed with SEBI: September 5, 2025 (Confidential route)
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SEBI Approval Received: December 10, 2025 (Confidential)
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Updated DRHP Filed: January 28, 2026 (as per latest document)
The updated DRHP will eventually be replaced by the Red Herring Prospectus (RHP) to be filed with the Registrar of Companies (RoC) ahead of the IPO launch.
IPO Structure
The proposed Turtlemint Fintech Solutions IPO will comprise a combination of a fresh issue of equity shares and an offer for sale (OFS) by existing promoters and investors.
The fresh issue has been finalised at ₹6,607.22 million (₹660.7 crore), comprising equity shares with a face value of ₹1 each. The proceeds from the fresh issue will be utilised primarily for technology infrastructure, product development, marketing initiatives, investment in subsidiaries, and general corporate purposes.
The offer for sale component is expected to include up to 28,608,992 equity shares with a face value of ₹1 each, to be sold by promoters and existing shareholders. The final size of the OFS will be determined closer to the IPO launch, and may vary depending on market conditions and final offer structure.
Overall, the total IPO size is estimated at around ₹2,000 crore, though this figure is indicative and not fully finalised, with only the fresh issue component confirmed at this stage.
The OFS includes stakes from promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, along with several institutional investors such as Nexus Ventures, Jungle Ventures, Peak XV Partners, and Blume Ventures-affiliated funds.
IPO Allocation and Reservation (Quota)
As per the DRHP, the Turtlemint Fintech Solutions IPO will follow the SEBI ICDR Regulations allocation framework. Not less than 75% of the net offer will be allocated to Qualified Institutional Buyers (QIBs), of which up to 5% of the QIB portion will be reserved for mutual funds on a proportionate basis.
The Non-Institutional Investors (NIIs) category will receive not more than 15% of the net offer, while the Retail Individual Investors (RIIs) portion will be not more than 10% of the net offer, as indicated in the updated DRHP.
Financial Performance
Based on the latest DRHP financials (₹ in crore), Turtlemint Fintech Solutions has continued to scale its operations, though it remains loss-making due to sustained investments in technology, marketing, and team expansion.
For the six months ended September 30, 2025, the company reported total income of ₹469.4 crore, nearly doubling from ₹238.7 crore in the corresponding six-month period ended September 30, 2024. During the same period, total expenses rose to ₹560.5 crore from ₹332.8 crore, resulting in a net loss of ₹125.1 crore, compared with a loss of ₹98.9 crore in the previous six-month period.
On a full-year basis, for FY25, Turtlemint posted total income of ₹693.2 crore, a sharp increase from ₹119.1 crore in FY24, reflecting strong revenue growth and platform expansion. However, losses remained elevated, with the company reporting a net loss of ₹194.1 crore in FY25, broadly in line with the ₹193.3 crore loss in FY24, as higher operating and employee costs offset revenue gains.
Objects of the Issue
According to the DRHP, Turtlemint plans to utilise the net proceeds from the fresh issue for the following purposes:
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Investment in cloud and server infrastructure
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Salary expenditure for technology and product development teams
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Marketing and brand-building initiatives
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Lease payments for existing office properties of the company and its subsidiary
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Investment in its wholly owned subsidiary, TIB, to meet working capital needs
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Funding inorganic growth, including potential acquisitions and strategic initiatives, along with general corporate purposes
The company also expects benefits from listing such as enhanced brand visibility and creation of a public market for its equity shares in India.
Lead Managers and Registrar
The IPO is being managed by a strong consortium of investment banks, including:
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ICICI Securities
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Jefferies India
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JM Financial
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Motilal Oswal Investment Advisors
The registrar to the issue is KFin Technologies Limited.
Turtlemint’s IPO comes at a time when investor interest in digital insurance and fintech platforms remains strong. With rising insurance penetration, increasing adoption of digital advisory models, and diversified product offerings, the company is positioning itself as a scalable fintech platform ahead of listing.
The filing of an updated DRHP after SEBI approval signals that the company is moving closer to launching its IPO, making it one of the key fintech listings to watch in the upcoming IPO pipeline.
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