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Turtlemint Fintech Solutions has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and the stock exchanges, according to a newspaper advertisement.
“The filing of the pre-filed DRHP shall not necessarily mean that the company will undertake the initial public offering,” the company made the announcement in a business newspaper on Saturday.
The platform is a technology-driven intermediary linking customers, insurance advisors, and insurance companies for the distribution of health, life, and motor insurance products. Additionally, it provides access to other financial products, including mutual funds and loans, through its platform.
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Turtlemint was founded in 2015 by Dhirendra Mahyavanshi and Anand, who identified the emergence of mobile phones and the internet as an opportunity to bring insurance to the masses. The company is backed by PE firms - Peak XV, Nexus Venture Partners, Amansa Capital, Jungle Ventures among others.
The platform has facilitated the distribution of over 1.6 crore insurance policies across 19,105 pin codes through a network of more than 400,000 point of sales persons during the fiscal years 2023-2025. It has partnered with more than 42 insurer partners and over 430,000 trained insurance advisors.
Other Indian firms that have recently opted for pre-filing IPO included Tata Capital, Shadowfax, PhysicsWallah, Shiprocket, and Swiggy, and have recently used the same process.
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