Turtlemint Fintech to launch Rs 883-crore IPO on Jun 19; sets price band at Rs 144-152/share

Published 16 June 2026 · finance

Insurtech firm Turtlemint Fintech Solutions will launch its initial public offering (IPO) worth up to Rs 883 crore on June 19 seeking to raise fresh

Insurtech firm Turtlemint Fintech Solutions will launch its initial public offering (IPO) worth up to Rs 883 crore on June 19 seeking to raise fresh capital and provide an exit route to existing shareholders. The price band has been fixed at Rs 144-152 per share for the public issue, valuing the company at over Rs 4,500 crore at the higher end. The offering will close on June 23 and the anchor investor portion will open for subscription on June 18, a day ahead of the public issue, according to a public announcement made by the company on Tuesday. The IPO comprises a fresh issue of equity shares aggregating up to Rs 660.72 crore and an offer-for-sale (OFS) component of 1.46 crore equity shares worth about Rs 221.95 crore by existing shareholders.

As a part of the OFS, promoters -- Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi -- along with several existing investors, including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures, and GGV Capital, will partially offload their stakes. The company plans to utilize the proceeds for strengthening its cloud and server-related infrastructure, meeting salary expenses for its technology and product development teams, and undertaking marketing initiatives. A portion of the proceeds will also be used towards lease payments for existing properties of the company and its wholly-owned subsidiary, TIB. In addition, the company intends to invest in TIB to support its working capital requirements and funds will be used inorganic growth through unidentified acquisitions. Turtlemint had confidentially filed its draft prospectus in September and received Sebi's approval in December to move ahead with the public issue.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the company focuses on simplifying the purchase and management of insurance policies and has sold around 1.6 crore policies through a network of more than five lakh advisors. Turtlemint claims to have processed over 90 crore claims for more than 1.2 crore customers. Its technology helps financial advisors instantly match customers with insurance products best suited to their needs, thereby improving efficiency and supporting business growth. It connects insurers, advisors and consumers on a unified technology platform and has forged long-term partnerships with over 40 insurer partners, accounting for nearly 65 per cent of all life and general insurers in India. The company's primary offerings in the insurance sector include retail products across health, life, and motor insurance.