Turtlemint, one of the leading Indian insurtech and fintech companies, is set to file its updated DRHP– I with SEBI for a ₹2,000 crore Initial Public Offering (IPO).
In September 2025, the company filed its draft papers via a confidential filing route and received SEBI’s approval in December.
As per the updated document, the company will be raising ₹660.7 crore via a fresh issue and an offer for sale of up to 28.6 million equity shares by promoters.
The promoters selling their shareholdership under OFS are,
- Nand Rohidas Prabhudesai
- Dhirendra Nalin Mahyavanshi
- Kunal Shah
- Blume Ventures (through its funds and trustees)
- Nexus Ventures (Nexus Ventures IV and VI)
- Peak XV Partners Investments V
- GGV VII Investments Pte. Ltd.
- Jungle Ventures III Investment Holding Pte. Ltd.
The UDRHP- I will be open for public feedback for 21 days. Based on the feedback, the company will make changes and then submit UDRHP-II, followed by the filing of the Red Herring Prospectus (RHP) for the IPO launch.
The proceeds raised from the fresh issue will be used towards cloud and server infrastructure, pay salaries of employees, pay lease rentals for existing properties of the company, TIB. Lastly, the firm will use the funds to invest in TIB and to meet its working capital needs and for general corporate purposes.
Turtlemint Fintech Solutions is one of the fastest-growing Indian insurtech and fintech companies, offering digital insurance and financial products.
Incorporated in 2015 by Dhirendra Mahyavanshi and Anand Pradhudesai, the firm helps customers with insurance products across motor, health, and life categories. The platform also provides access to other financial products, such as mutual funds and loans, enabling people to make informed financial decisions.
Turtlemint is growing its business services through its SaaS subsidiary, Turtlefin (Fintech Blue Solutions Pvt. Ltd.), which offers solutions to banks, NBFCs, and e-commerce companies.
In FY25, the company generated a revenue of ₹693.21 crore. However, in FY25, the company reported a net loss of ₹194.11 crore.
The book-running lead managers to the issue are ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors.
Turtlemint Fintech IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Turtlemint Fintech Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹460.11 | ₹748.30 | ₹288.18 |
| 2024 | ₹119.12 | ₹312.47 | ₹193.35 |
| 2025 | ₹693.21 | ₹882.57 | ₹194.11 |
| Sep 2025 | ₹469.37 | ₹560.53 | ₹125.15 |
Turtlemint Fintech IPO Valuation – FY2025
Turtlemint Fintech IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹(7.33) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | (47.29%) |
| Net Asset Value (NAV): | ₹7,768.02 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| PB Fintech Limited | 7.77 | 218.81 | 5.74% | 140.06 | 4,977.21 Cr. |
Objects of the Issue
- Expenditure towards cloud and server related infrastructure of our Company;
- Salary expenditure towards the technology and product development teams of our Company;
- Expenditure towards marketing initiatives by our Company;
- Expenditure towards lease payments for existing properties of our Company and our wholly owned Subsidiary, TIB;
- Investment in our wholly owned Subsidiary, TIB, for funding its working capital requirements; and
- Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes.
IPO Lead Managers aka Merchant Bankers
- ICICI Securities Limited
- Jefferies India Private Limited
- JM Financial Limited
- Motilal Oswal Investment Advisors Limited
