Mumbai-based insurtech startup Turtlemint Fintech Solutions Ltd has filed confidential papers with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (Turtlemint IPO).
The company has submitted a pre-filed draft red herring prospectus (DRHP) under the confidential filing route for a main-board listing of its equity shares.
In its official announcement, Turtlemint confirmed that it has lodged the pre-filed DRHP with SEBI and the stock exchanges in connection with the proposed public issue. The filing is a step toward its planned equity listing on the Indian stock markets.
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Merchant Bankers Appointed for Turtlemint IPO
To manage the upcoming IPO, Turtlemint has appointed ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors as lead merchant bankers, according to market sources.
About Turtlemint and Its Growth Journey
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is a leading insurtech platform designed to simplify the purchase and management of insurance policies. The company has facilitated over 1.6 crore insurance policies through a network of more than five lakh advisors across India.
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Through its digital solutions, Turtlemint enables advisors to match customers with the most suitable insurance products, streamlining the process and boosting efficiency for both clients and advisors.
Investors Backing Turtlemint IPO
Turtlemint has strong backing from global investors including Amansa Capital, Jungle Ventures, and Nexus Venture Partners. The upcoming Turtlemint IPO is expected to mark a significant milestone in the company’s growth journey within the Indian insurtech sector.
