Insurtech startup Turtlemint taps bankers for $250 million IPO

The insurtech company has engaged with Motilal Oswal, ICICI Securities, JM Financial, and Jefferies to help with the IPO, one of the two people cited above said.

The company is expected to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) over the next two months and list on the stock exchanges by October this year, the person added.

“The company plans to raise around $200-250 million through the public issue,” the second person cited above said.

Queries sent to Motilal Oswal, ICICI Securities, JM Financial and Jefferies remained unanswered at press time. Turtlemint declined to comment.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhdesai, the company offers insurance products through its insurtech platform Turtlemint, mutual fund advisory and financial planning services via Turtlemint Money, and software-as-a-service (SaaS) solutions through its platform Turtlefin.

Also read: Indian insurtech startups look overseas as AI reshapes global insurance

Funding history

Turtlemint, which competes with the likes of InsuranceDekho, PB Fintech, and other players in India’s growing insurance technology space, has raised close to $190 million to date. Its last funding round was in 2022, when it raised $120 million led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners. Other investors including Vitruvian Partners and Marshall Wace had also participated in the round. The round reportedly valued the company at around $900 million.

The development comes at a time when the Mumbai-based Turtlemint is looking to expand beyond insurance, with plans to enter mutual fund distribution, personal loans, and other adjacent financial services, Mint reported in September.

India’s insurtech sector has witnessed heightened competition as many companies including Turtlemint, which offer SaaS solutions are expanding aggressively into newer geographies like West Asia, Southeast Asia, and Europe, regions where insurers are accelerating digital adoption and are more willing to pay for advanced tech solutions, Mint reported.

Also read: InsuranceDekho debuts SaaS solutions firm Heph for insurance distributors

In FY24, Turtlemint reported total income of ₹506.5 crore, more than three times the ₹157.2 crore it posted in FY23, according to data reported by Entrackr. It recorded a net profit of ₹6.22 crore in FY24, marginally lower than the ₹6.28 crore in the previous fiscal year.