Turtlemint Targets Landmark IPO Amid Growing Insurtech Interest

Turtlemint Fintech Solutions Ltd, an insurtech firm, plans to file updated IPO papers with SEBI and aims for a Rs 2,000-crore listing between March and April 2024. Founded in 2015, it focuses on simplifying insurance management and boasts partnerships with over 40 insurer partners.

Insurtech innovator Turtlemint Fintech Solutions Ltd is advancing its plans for a major market debut by filing updated draft papers with SEBI within the next two weeks. The company is targeting its Rs 2,000-crore initial public offering (IPO) launch between March and April of next year, according to sources.

Having initially filed preliminary IPO documents confidentially in September, Turtlemint secured SEBI's approval in December to proceed. The next step involves filing an updated draft red herring prospectus, open for public comments for three weeks, followed by filing a second version incorporating these remarks.

Founded by Dhirendra Mahyavanshi and Anand Prabhudesai in 2015, Turtlemint excels in simplifying insurance processes and showcasing its technological prowess in matching consumers with appropriate insurance products. With significant backing from Amansa Capital, Jungle Ventures, and Nexus Venture Partners, and partnerships with over 40 insurers, the firm is poised for significant IPO success.

(With inputs from agencies.)