Turtlemint Receives SEBI Approval to Proceed with Initial Public Offering
- SEBI clears Mumbai-based insurtech Turtlemint to move ahead with its IPO.
- Public issue likely in the $200–250 million range, with final details pending.
- Startup expands its footprint across insurance, fintech, and SaaS platforms.
Mumbai-based insurtech startup Turtlemint has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO), marking a key milestone in its public market journey.
SEBI issued its observation letter in the week ending December 12, according to an update on the regulator’s website. In regulatory terms, this clearance allows the company to move forward with its IPO plans. Turtlemint had earlier submitted its draft red herring prospectus (DRHP) through SEBI’s confidential filing route in 2025.
While the final issue size will be disclosed after the updated DRHP is filed, market estimates suggest the IPO could raise between $200 million and $250 million, or up to Rs 2,000 crore.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint runs a digital marketplace that connects insurance advisors with customers across motor, health, and life insurance products. The platform also offers access to financial products such as mutual funds and loans, while equipping advisors with digital tools to grow and manage their businesses efficiently.
Beyond its core marketplace, Turtlemint has expanded into enterprise services through its software-as-a-service arm, Turtlefin, which caters to banks, non-banking financial companies, and e-commerce firms with insurance and fintech solutions.
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To date, the startup has raised nearly $190 million in funding. It was last valued at around $900 million following a $120 million funding round in April 2022.
Turtlemint’s IPO plans come amid rising activity in India’s insurtech space. Listed peers include PolicyBazaar parent PB Fintech and Go Digit General Insurance, while digital insurer Acko is reportedly targeting a listing around 2027.
