Turtlemint In Talks With Bankers For $200-250 Mn IPO: Report

SUMMARY

As per Mint, the startup is expected to hit the Dalal Street by October this year and would file its draft papers with the Securities and Exchange Board of India (SEBI) within two months

Turtlemint is in discussions with four bankers – Motilal Oswal, JM Financials, ICICI Securities and Jefferies – to help manage the IPO

As per Tofler, Turtlemint’s total income increased 3X to INR 507 Cr from INR 157 Cr it posted in FY23

Insurtech startup Turtlemint, which counts Jungle Ventures, Nexus Venture Partners, Vitruvian Partners and Peak XV Partners among its investors, is reportedly in talks with bankers to launch its $200-250 Mn IPO this year.

As per Mint, the startup is expected to hit the Dalal Street by October this year and would file its draft papers with the Securities and Exchange Board of India (SEBI) within two months.

Turtlemint is in discussions with four bankers – Motilal Oswal, JM Financials, ICICI Securities and Jefferies – to help manage the IPO, the report added.

Inc42 has reached out to Motilal Oswal and Turtlemint for comments on the development. The story will be updated based on their responses.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is a platform that helps financial advisors understand and distribute insurance to their community of customers.

The platform supports various insurance types, including car, bike, health, and term life insurance, and claims to have empowered over 300,000 advisors while serving millions of customers.

The company was reportedly looking to diversify its offerings with additional financial services like mutual fund distribution and personal loans, among others.

It competes against InsuranceDekho, PB Fintech and other insurance technology segments. It last raised $120 Mn in 2022 at a post-money valuation of $900 Mn.

As per Tofler, Turtlemint’s total income increased 3X to INR 507 Cr from INR 157 Cr it posted in FY23, while its net profit remained flat at INR 6 Cr in FY24 from 6 Cr in the previous fiscal year.

The development comes at the heart of insurance tech segment witnessing a rapid growth propelled by advancements in underwriting models.

This growth, in turn, is expected to attract more investors and potentially lead to further IPOs in the sector. For instance, Go Digit’s INR 1124 Cr IPO was one of the significant listings in 2024.

Meanwhile, companies like InsuranceDekho, SBI General, Bajaj Allianz Life, Bajaj Allianz General and Tata AIG General Insurance, among others, in the insurance sector are slated to go public in recent times.