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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Cloud and server infrastructure
Investment in cloud and server related infrastructure that supports the company's technology platform.
Technology and product team salaries
Funding salaries of the technology and product development teams.
Marketing initiatives
Spending on brand and marketing initiatives.
Lease payments (Company)
Lease payments for the company's existing office premises.
Lease payments (subsidiary)
Lease payments for existing premises of the subsidiary.
Working capital in subsidiary
Investment in the subsidiary to meet its working capital requirements.
Inorganic growth and general corporate purposes
Funding potential acquisitions and general corporate purposes.
(₹ in Crore)
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Turtlemint Fintech Solutions Limited is a technology led distributor of financial products in India, with insurance as its core focus. The company runs proprietary digital platforms that connect three groups: advisors it refers to as Digital Partners, insurance manufacturers it calls Insurer Partners, and end customers. Through this network it enables the sourcing, comparison and sale of health, life, motor and other general insurance policies, along with selected other financial products such as mutual funds and loans. Incorporated in 2015, the business was among the early adopters in India of the Point of Sale Person, or PoSP, distribution model, and has since built one of the larger certified advisor networks in its category. It follows a phygital approach that pairs an online platform with a physical, advisor assisted last mile, and it supports its partners with onboarding, training, engagement and technology tools. Distribution activity is carried out through group entities, including its insurance broking subsidiary. The company has grown its revenue base over recent years but has remained loss making, reporting net losses in each of the last several reported periods as it invests in technology, talent and partner acquisition. Reported revenue was about 460 crore rupees in FY2023, 119 crore rupees in FY2024 and 693 crore rupees in FY2025, with roughly 749 crore rupees in the nine months ended December 2025, while net worth declined over the same span. It operates in India's fast growing insurtech and online insurance distribution market, where the size of the advisor network, the breadth of insurer relationships and technology are the main drivers of growth.
Ahead of the issue the company raised about 397.20 crore rupees by allotting 2,61,31,680 equity shares to anchor investors at 152 rupees per share on 18 June 2026. The anchor book drew a mix of domestic and foreign institutions, including ICICI Prudential, Axis Max Life Insurance, Bajaj Life Insurance, BNP Paribas, Societe Generale, Nomura and Citigroup Global Markets Mauritius.
Source: RHP • Analysis provided for informational purposes
Last Updated: 8 July 2026, 5:30 AM
Established PoSP distribution network
The company runs a technology driven insurance distribution model built around a large base of certified Point of Sale advisors, giving it wide reach across India.
Broad and supported partner base
Its Digital Partners are backed by training, engagement and technology tools, which helps the company grow and retain its advisor network.
Deep insurer relationships
Long standing tie ups with several insurers across product lines give the platform a wide shelf of policies to distribute.
Asset light and scalable model
Because distribution runs on a platform rather than heavy physical infrastructure, operations can scale across geographies at relatively low incremental cost.
Proprietary technology stack
In house platforms support the full journey from lead to policy issuance for insurance and other financial products.
Concentration in general insurance
A large share of revenue comes from general insurance, especially motor cover, so a slowdown in that segment would weigh on the business.
Dependence on advisors
Performance relies on attracting, retaining and managing a large pool of Digital Partners, and higher attrition could hurt volumes.
Reliance on a few insurers
Revenue is concentrated among a limited set of insurer partners, leaving the company exposed if any of those relationships change.
Turtlemint Fintech Solutions Limited
The ORB, Sahar, 4B, 1st Floor, A Wing, Marol Village, Andheri (East), Mumbai, Maharashtra 400099
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Regulatory sensitivity
Changes in insurance and financial services regulation could affect how the company operates and the commissions it earns.
Technology and data risk
A cyber breach, data leak or system failure could disrupt operations and damage customer and partner trust.
History of losses
The company has reported net losses in each recent period and has yet to show sustained profitability.