Insurtech platform Turtlemint becomes public company ahead of ₹2,000cr IPO
What's the story
Insurtech platform Turtlemint has officially converted into a public limited company, a major milestone in its journey toward an initial public offering (IPO). The company's name has been changed from Turtlemint Fintech Solution Pvt Ltd to Turtlemint Fintech Solutions Ltd after receiving approval from the Ministry of Corporate Affairs. The move is in line with its plans to file a draft red herring prospectus and raise up to ₹2,000 crore through the share sale.
Company profile
Tech-driven platform for life and general insurance
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is a tech-driven platform for life and general insurance in India. It provides a digital marketplace where consumers can compare and buy policies, while also equipping the financial advisers with tools for client engagement. The firm has processed over 90 crore claims for more than 1.2 crore customers through its network of over five lakh advisers.
Investment backing
Backed by prominent venture capital firms
Turtlemint has been backed by Nexus Venture Partners, Jungle Ventures, Peak XV Partners, and Blume Ventures. The Indian insurance industry has witnessed several IPOs in recent years, including the one by Niva Bupa Health Insurance Company Ltd in November 2024. The company raised ₹2,200 crore via its share sale. Earlier in the same year, Go Digit General Insurance Ltd had raised ₹2,614.6 crore through its IPO.