Turtlemint Fintech Solutions Ltd will open its ₹882.67 crore initial public offering (IPO) for subscription on June 19, 2026. The issue will close on June 23, while the shares are scheduled to debut on the NSE and BSE on June 29.
The IPO comprises:
- Fresh issue: 4.35 crore equity shares worth ₹660.72 crore
- Offer for sale (OFS): 1.46 crore shares aggregating ₹221.95 crore
The company has fixed a price band of ₹144-152 per share.
As of June 18, 2026, the company’s shares were quoted at ₹154 in the grey market, implying a premium of ₹2 per share, or 1.32%, over the upper end of the price band.
About the Company
Founded in 2015, Turtlemint operates a technology-enabled insurance distribution platform connecting customers, insurance companies and advisors.
The company offers life, health, motor, travel and other insurance products through partnerships with 45 insurers.
As of December 31, 2025, Turtlemint had:
- More than 6.32 lakh Digital Partners
- Over 5.07 lakh certified Point-of-Sale Persons (PoSPs)
- Presence across 19,171 PIN codes
- Coverage of nearly 98% of India’s PIN codes
- A workforce of 2,348 permanent employees
More than 80% of its Digital Partners are located outside the top 30 cities.
Between April 2022 and December 2025, the platform facilitated:
- Distribution of over 2.18 crore insurance policies
- Premium generation of more than ₹10,066 crore
Promoters
The promoters of the company are:
- Anand Rohidas Prabhudesai
- Dhirendra Nalin Mahyavanshi
Offer for Sale Details
Among the promoters, the following shares are being sold:
- Anand Rohidas Prabhudesai: 21.12 lakh shares
- Dhirendra Nalin Mahyavanshi: 22.10 lakh shares
Other selling shareholders include:
- Peak XV Partners Investments V: 43.57 lakh shares
- Nexus Ventures IV Ltd: 27.47 lakh shares
- GGV VII Investments Pte. Ltd.: 11.92 lakh shares
- Blume Ventures (Opportunities) Fund IIA: 3.99 lakh shares
- Blume Ventures Fund IX: 6.57 lakh shares
- Dream Incubator Inc.: 2.03 lakh shares
- Humming Bird Investment Holdings SPV: 18.99 lakh shares
- Kunal Shah: 5.33 lakh shares
Together, the selling shareholders are offering 1.46 crore shares.
Lead Managers
The book-running lead managers are:
- ICICI Securities
- Jefferies India
- JM Financial
- Motilal Oswal Investment Advisors
KFin Technologies is the registrar to the issue.
Use of IPO Proceeds
The company plans to deploy the proceeds towards:
- ₹25.64 crore for cloud and server infrastructure
- ₹193.04 crore towards salary expenses for technology and product teams
- ₹39.07 crore for marketing activities
- ₹43.08 crore for lease payments
- ₹128.64 crore investment in subsidiary Turtlemint Insurance Broking Services Pvt. Ltd. for working capital
The remaining amount will be used for acquisitions, business expansion and general corporate purposes.
Financial Performance
For FY25, revenue from operations rose to ₹662.71 crore, from ₹78.64 crore in FY24.
That translates into a growth of 742.71%.
However, losses widened slightly.
| Particulars | FY24 | FY25 |
|---|---|---|
| Revenue from operations | ₹78.64 crore | ₹662.71 crore |
| Net loss | ₹193.35 crore | ₹194.11 crore |
For the first nine months of FY26, the company reported:
- Revenue from operations of ₹411.07 crore
- Net loss of ₹154.66 crore
- EBITDA margin of 11.01%
Comparison With Listed Peer
Turtlemint reported:
- Revenue: ₹662.71 crore
- RoNW: -47.29%
- EPS: ₹(7.33)
- NAV per share: ₹7.68
Listed peer PB Fintech Ltd reported:
- Revenue: ₹4,977.21 crore
- Basic EPS: ₹7.77
- Diluted EPS: ₹7.65
- RoNW: 5.74%
- NAV per share: ₹140.06
Strengths
Some of the factors highlighted by the company include:
- Large digital distribution network
- Technology-driven platform
- Relationships with 45 insurance companies
- Presence beyond major cities
- Cross-selling capabilities across financial products
Risks
Key risks include:
- Continued losses
- Dependence on insurance distribution business
- Ongoing spending requirements on technology and marketing
- Reliance on insurer partnerships
- Competition from fintech and insurtech players
TL;DR:
Turtlemint Fintech’s ₹882.67 crore IPO opens on June 19 at a price band of ₹144-152 per share. The company reported strong revenue growth in FY25 but remained loss-making. Shares are slated to list on June 29.
AI summary:
- Turtlemint’s IPO size is ₹882.67 crore.
- Subscription opens on June 19 and closes on June 23.
- Price band has been fixed at ₹144-152 per share.
- FY25 revenue rose to ₹662.71 crore.
- The company posted a net loss of ₹194.11 crore in FY25.
