Turtlemint Fintech Solutions, an Indian insurtech company, has initiated the process for an initial public offering (IPO) by submitting a pre-filed draft red herring prospectus with the Securities and Exchange Board of India (SEBI) and stock exchanges.
The platform serves as a bridge linking customers, insurance advisors and insurance providers, facilitating the distribution of various insurance products including health, life and vehicle coverage.
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“The filing of the Pre-filed draft red herring prospectus shall not necessarily mean that the company will undertake the initial public offering,” the company said in its public announcement published in a business newspaper.
In a report on August, Moneycontrol disclosed Turtlemint’s conversion into a public limited company, hinting at a forthcoming draft red herring prospectus. The company is reportedly aiming to raise approximately Rs 20bn from the public offering.
Co-founded by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint has facilitated the distribution of more than 16 million insurance policies covering 19,105 pin codes in India from fiscal years 2023 to 2025.
The company has established partnerships with more than 42 insurance companies and has a network of over 430,000 insurance advisors.
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By GlobalDataThe growth of Turtlemint has been supported by investments from venture capital firms including Nexus Venture Partners, Jungle Ventures, Peak XV Partners (formerly Sequoia Capital India) and Blume Ventures.
In 2023, Turtlemint acquired Last Decimal, enhancing its platform capabilities. Last Decimal’s BancaEdge, an application programming interface-driven platform, is used by banks and insurance companies in India to provide insurance to their customers.
Turtlemint’s business model caters to various entities including banks, insurance companies, e-commerce platforms and distributors, offering them end-to-end solutions to facilitate the sale of insurance products.
Additionally, it provides access to a range of financial products such as mutual funds and loans.
