Turtlemint opens IPO Friday raising ₹883 cr at ₹144-152
Turtlemint, a major player in India's insurance tech space, is opening its IPO this Friday.
They are looking to raise ₹883 crore, with shares priced at ₹144 to ₹152 each.
The offer includes both new shares and some being sold by current investors.
Turtlemint valued $475 million plans AI-first shift
Turtlemint's IPO values the company at $475 million, quite a drop from its $900 million mark in 2022.
Co-founder and chief executive officer (CEO) Dhirendra Mahyavanshi says this is just part of the market reset and insists investor faith in their growth has not wavered.
Most of the money raised will go toward boosting their tech game and shifting to an AI-first approach within a year.
Even though losses grew recently (partly due to one-off costs), Turtlemint is doubling down on innovation to stay ahead of rivals like InsuranceDekho and PB Fintech.