Tech-enabled insurance distribution platform Turtlemint Fintech Solutions Limited has filed UDRHP-I with SEBI for its proposed IPO.
Turtlemint primarily operates in the insurance distribution industry in India. The company’s triadic platform connects customers, insurance advisors and insurers. In 2015, Turtlemint became the first to adopt the point-of-sale person (“PoSP”) distribution model and also has the largest certified PoSP network among the Peer Group as of September 30, 2025 as well as March 31, 2025 (Source: Redseer Report).
“PoSP” are those who have completed the IRDAI mandatory certification to distribute insurance products. The company has on boarded a diversified base of 603,302 Digital Partners (financial product distribution partners), including 484,832 PoSPs, as of September 30, 2025 on their app – Turtlemint Pro. The company’s proprietary technology platform enables digital partners to assist customers in making informed product choices.
The company’s primary offerings in the insurance sector include retail products across health, life, and motor insurance. From April 1, 2022 to September 30, 2025, the company has distributed 19.68 million insurance policies. In addition to the distribution of insurance policies, it facilitates other financial products on the platform, including mutual funds, loans (personal and business) and credit cards.
Turtlemint Insurance Broking Services Private limited (“TIB”), one of its wholly owned subsidiaries, is a composite insurance broker registered with Insurance Regulatory and Development Authority of India (IRDAI). Turtlemint Mutual Funds Distributors Private Limited (“TMF”), one of its wholly owned Subsidiary, is registered with the Association of Mutual Funds in India (“AMFI”) and is engaged in the distribution of mutual fund products. TIB and TMF leverage the company’s technology platforms to collaborate with insurer partners and asset management companies, enabling faster go-to-market and more cost-efficient last-mile distribution.
It operates an asset-light business model. The company acts solely as distributors of insurance and other financial products and does not assume any product liability.
The offer comprises a fresh issue of Equity Shares aggregating up to Rs. 660.7 Crore, and an offer for sale of Up to 28,608,992 Equity Shares by the selling shareholders. The face value of each equity share is ₹ 1.
ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited and Motilal Oswal Investment Advisors Limited are the book running lead managers to the issue.
The Equity Shares offered through the Red Herring Prospectus (“RHP”) are proposed to be listed on the Stock Exchanges being BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE, and together with the BSE, the “Stock Exchanges”).
UDRHP-1 Link: https://www.icicisecurities.com/Upload/ArticleAttachments/Turtlemint%20Fintech%20Solutions%20Limited-UDRHP-I.pdf
