Turtlemint files updated DRHP for Rs 660 Cr fresh issue IPO

Insurtech firm Turtlemint has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) on Wednesday.

This development comes a month after SEBI granted regulatory approval for the company’s plan of an initial public offering.

Turtlemint’s IPO comprises a fresh issue of equity shares worth Rs 660 crore (approximately $73.3 million), with the offer for sale (OFS) component of 2.86 crore shares.

According to the UDRHP, the OFS will be led by Nexus Venture Partners, which will offload 91.43 lakh shares, accounting for about 32% of the total OFS, followed by Peak XV Partners with 79.21 lakh shares. Other investors, including Jungle Ventures, Blume Ventures, GGV Ventures, and angel investor Kunal Shah, will also participate in the offer for sale.

The company’s co-founders, Anand Prabhudesai and Dhirendra Mahyavanshi, will also participate in the OFS, offloading 21.12 lakh and 22.1 lakh shares, respectively.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a marketplace connecting advisors with customers, offering insurance products across motor, health, and life categories. It also provides access to other financial products such as mutual funds and loans, while equipping advisors with digital tools to expand their reach and grow their business.

Turtlemint will use the fresh IPO proceeds to allocate about Rs 193 crore toward salary expenses for its technology and product development teams, and Rs 129 crore for investment in its wholly owned subsidiary, TIB. The remaining amount will be used for cloud and server infrastructure, marketing, lease payments for existing properties, and other general corporate purposes.

As of the UDRHP filing date, Nexus Venture Partners is the largest shareholder with a 24.05% stake, followed by Peak XV Partners holding 20.84%. Co-founders Anand Prabhudesai and Dhirendra Mahyavanshi hold 8.72% and 8.33% stakes, respectively, while Jungle Ventures holds 4.54% and Kunal Shah owns 1.45% in the firm.

During the first half of the ongoing fiscal year (H1FY26), the firm reported a twofold jump in operating revenue to Rs 463.3 crore, while losses widened 27% to Rs 126 crore over the same period.