Insurtech start-up Turtlemint wants to raise $250M via IPO
What's the story
Turtlemint, a leading insurtech start-up, has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The Mumbai-based company is looking to raise between $200 million and $250 million through an initial public offering (IPO). The move comes after months of negotiations with financial institutions such as Motilal Oswal, JM Financial, ICICI Securities, and Jefferies.
Company profile
About Turtlemint
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is an online insurance distribution platform. It connects consumers with insurers through financial advisors across categories such as car, bike, health, and term life insurance. The company has raised a total of about $197 million to date from investors including Jungle Ventures, Nexus Venture Partners, Vitruvian Partners and Peak XV Partners. Its last funding round was in 2022 when it raised $120 million at a valuation of $900 million.
Financial growth
Financials and IPO details
In FY24, Turtlemint's operating revenue surged over three times to ₹505 crore from ₹156.5 crore in FY23. However, its net profit remained unchanged at ₹6 crore during the same period. With the pre-filing of IPO papers, Turtlemint has joined a host of new-age tech companies gearing up for their public debut. The firm has hired ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors as lead merchant bankers for its upcoming public offering.
Business model
How Turtlemint works?
Turtlemint helps the financial advisors instantly match each customer with a suite of products best suited for their unique needs, via a digital solution. This makes advisors and their business efficient. The firm has sold 1.6 crore policies through its network of over five lakh advisers.