Turtlemint Fintech Solutions IPO Details
MAINBOARD NSE BSE
Turtlemint Fintech Solutions IPO Summary
Turtlemint Fintech Solutions IPO opens for subscription on 19 Jun 2026 and closes on 23 Jun 2026.The IPO will be listed on NSE, BSE with the tentative listing date set for 29 Jun 2026.
Turtlemint Fintech Solutions IPO price band has been fixed at ₹144 – ₹152 per share. The face value is ₹1 per share with a lot size of 98.
Turtlemint Fintech Solutions IPO total issue size comprises 5,80,70,399 shares (aggregating up to ₹882.67 Cr). This includes a fresh issue of 4,34,68,553 shares (aggregating up to ₹660.72 Cr). Offer for Sale consists of 1,46,01,846 shares (aggregating up to ₹221.95 Cr).
Turtlemint Fintech Solutions IPO carries a ₹3 (1.97%) GMP, reflecting investor sentiment.
Turtlemint Fintech Solutions IPO Lot Size :Retail Minimum is 1 lot (98 shares) amounting to ₹14,896. Retail Maximum is 13 lots (1,274 shares) amounting to ₹193,648. SHNI Minimum is 14 lots (1,372 shares) amounting to ₹208,544. SHNI Maximum is 67 lots (6,566 shares) amounting to ₹998,032. BHNI Minimum is 68 lots (6,664 shares) amounting to ₹1,012,928.
Turtlemint Fintech Solutions IPO Details
Open Date
19 Jun 2026
Close Date
23 Jun 2026
Listing Date
29 Jun 2026
Issue Price
₹144 - ₹152
Face Value
₹1 per share
Lot Size
98 Shares
GMP
₹3(1.97%)
Issue Type
IPO
Listing On
NSE, BSE
Type
Book Built Issue
Pre-issue Shareholding
25,10,10,354 shares
Post-issue Shareholding
-
Total Issue Size
5,80,70,399 shares(aggregating up to ₹882.67 Cr)
Fresh Issue
4,34,68,553 shares(aggregating up to ₹660.72 Cr)
Offer for Sale
1,46,01,846 shares(aggregating up to ₹221.95 Cr)
Turtlemint Fintech Solutions IPO Subscription
Turtlemint Fintech Solutions IPO Application Wise Breakup (Approx)
Turtlemint Fintech Solutions IPO Dates
- 19 Jun 2026Opening dateOpen
- 23 Jun 2026Closing dateClose
- 24 Jun 2026Allotment Date Allotment
- 25 Jun 2026Initiation of RefundsRefund
- 25 Jun 2026Credit of SharesCredit
- 29 Jun 2026Listing dateListing
Turtlemint Fintech Solutions IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 98 | ₹14,896 |
| Retail Maximum | 13 | 1274 | ₹193,648 |
| SHNI Minimum | 14 | 1372 | ₹208,544 |
| SHNI Maximum | 67 | 6566 | ₹998,032 |
| BHNI Minimum | 68 | 6664 | ₹1,012,928 |
Turtlemint Fintech Solutions IPO Reservation
Promoter Holding
Pre Issue:
17.05%
Post Issue:
13.10%
Promoter Names:
Anand Rohidas Prabhudesai, Dhirendra Nalin Mahyavanshi.
Documents
Turtlemint Fintech Solutions IPO Valuations
RoNW-63.38%
EBITDA Margin11.01%
Price to Book Value2.77
EPS(₹) (Pre IPO)-7.73
P/E (x) (Pre IPO)-19.66
Turtlemint Fintech Solutions Financial Information
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 467.14 | 578.69 | 612.55 | 900.37 |
| Total Income | 748.91 | 693.21 | 119.12 | 460.11 |
| Profit After Tax | -187.39 | -194.11 | -193.35 | -288.18 |
| EBITDA | 81.58 | 82.43 | ||
| NET Worth | 295.68 | 410.46 | 563.80 | 743.45 |
| Reserves and Surplus | 288.77 | 408.88 | 562.22 | 741.87 |
| Total Borrowing | 0.00 | 0.00 | 0.00 | |
| Amount in ₹ Crore | ||||
About Turtlemint Fintech Solutions IPO
Incorporated in 2015, Turtlemint Limited is a technology-enabled insurance distribution platform that connects customers, insurance advisors (Digital Partners), and insurers through a phygital (physical + digital) model. The company was among the first to adopt the Point-of-Sale Person (PoSP) distribution model and has built India's largest certified PoSP network among its peer group.
Turtlemint offers a comprehensive platform that enables Digital Partners to compare, recommend, and distribute insurance products from multiple insurers while managing customer acquisition, policy servicing, claims support, training, and lead management. The platform provides access to life, health, motor, and other insurance products through partnerships with 45 insurer partners.
The company has facilitated the distribution of over 21.87 million insurance policies between April 2022 and December 2025, generating platform premium of over ₹10,066 crore across 19,171 pin codes, covering nearly 98% of India's pin codes. Turtlemint has a network of 6.32 lakh+ Digital Partners, including over 5.07 lakh certified PoSPs, supported by its proprietary advisor app, Turtlemint Pro.
Turtlemint has a strong presence in India's B30+ markets (cities beyond the top 30 by population), where over 80% of its Digital Partners are based. The company leverages AI-driven technology, mobile-first tools, and a large physical advisory network to improve insurance accessibility, customer experience, and insurance penetration across India. As of December 31, 2025, the company employed 2,348 permanent employees across sales, technology, product development, and corporate functions.
Key Strengths
Leading position in India's PoSP-based insurance distribution ecosystem.
Largest certified Digital Partner and PoSP network among peers.
Partnerships with 45 insurer partners offering a wide product portfolio.
Strong presence in underserved B30+ markets across India.
Scalable technology-driven phygital distribution model.
AI-powered platform supporting customer acquisition, servicing, and claims management.
Strong network effects driven by Digital Partners and insurer relationships.
Consistent growth in platform premium and earnings.
High Digital Partner retention and favorable unit economics.
Experienced promoter-led management team backed by marquee investors.
Strength Of Turtlemint Fintech Solutions IPO
- Strong positioning in the PoSP landscape driving scalable pan India distribution.
- Diversified and granular Digital Partner network enabled by tech-driven training.
- Long-term partnerships with multiple Insurer Partners;
- Consistently strong earnings and high Digital Partner retention drive favourable unit economics and operating leverage
- Self-reinforcing flywheels driving strong network and learning effects.
- Promoter led company with an experienced management team backed by marquee investors.
Risk Of Turtlemint Fintech Solutions IPO
- The company has incurred loss for the period/ year of (Rs.1,251.48) million, (Rs.989.13) million, (Rs.1,941.05) million, (Rs.1,933.48) million and (Rs.2,881.83) million on a restated basis in the six months period ended September 30, 2025 and September 30, 2024, and Fiscals 2025, 2024 and 2023, respectively, and proforma loss for the year of (Rs.2,025.62) million, (Rs.1,869.90) million and (Rs.2,837.56) million on a proforma basis, in Fiscals 2025, 2024 and 2023, respectively. The company has also witnessed negative cash flows from operations (net cash flow (used) in operating activities was (Rs.1,274.80) million, (Rs.1,202.84) million, (Rs.2,158.08) million, (Rs.2,416.66) million and (Rs.2,859.16) million on a restated basis in the six months period ended September 30, 2025 and September 30, 2024, and Fiscals 2025, 2024 and 2023, respectively). The company's Net Worth has decreased from as of March 31, 2023 to September 30, 2025 and the company had negative Return on Net Worth and negative EPS in the six months period ended September 30, 2025 and September 30, 2024 and Fiscals 2025, 2024 and 2023. If the company is unable to generate adequate revenue growth and manage the company's expenses and cash flows, the company may continue to incur losses and its business, financial condition, results of operations and cash flows may be adversely affected.
- The company derives majority of revenue from general insurance companies (contributing 92.46% and 84.38% of its revenue from operations in the six months period ended September 30, 2025 and September 30, 2024, respectively, and 88.21%, 79.35% and 71.07% of its proforma revenue from operations in Fiscals 2025, 2024 and 2023, respectively), primarily from the sale of motor insurance products. Any loss of relationships with general insurance companies, constraint on sale of general insurance products, particularly motor insurance, offered by them or any inability to diversify the company's portfolio mix, could have a material adverse effect on its business, prospects, financial condition, results of operations and cash flows.
- The company derived almost all the company's revenues from commissions, rewards and fees received from Insurer Partners and other financial service providers in the six months period ended September 30, 2025 and September 30, 2024, and Fiscals 2025 and 2024 (income from distribution of financial products accounted for 98.91% and 95.81% of its revenue from operations in the six months period ended September 30, 2025 and September 30, 2024, respectively, and proforma income from distribution of financial products accounted for 97.99%, 90.75% and 29.56% of the company's proforma revenue from operations in Fiscals 2025, 2024 and 2023, respectively). Any reduction in these fee rates may have an adverse effect on its business, financial condition, results of operations and cash flows.
- The Company acquired Turtlemint Insurance Broking Services Private Limited with effect from May 8, 2024 from one of the company's Promoters, Dhirendra Nalin Mahyavanshi, and accordingly, the company does not have a long consolidated operating history through which its overall performance may be evaluated. Further, the Unaudited Proforma Financial Information prepared for this UDRHP-I is presented for illustrative purposes only to illustrate the impact of the TIB Acquisition on the company's results of operations as if the acquisition had been consummated on April 1, 2024, April 1, 2023 and April 1, 2022 and may not accurately reflect its future results of operations.
- The company depends heavily on its Digital Partners and incur significant costs in recruiting, activating, managing and retaining them. Cost of acquiring and retaining Digital Partners accounted for 76.58% and 62.51% of the company's total expenses in the six months period ended September 30, 2025 and September 30, 2024, respectively, and 69.98%, 66.61% and 69.59% of its proforma total expenses in Fiscals 2025, 2024 and 2023, respectively. Attracting, managing and retaining Digital Partners is critical to the company's business, and failures to do so in a cost-effective way may have an adverse effect on its business, prospects, financial condition, results of operations and cash flows.
- The company's revenue from operations have experienced significant changes due to certain regulatory developments and the acquisition of TIB, which has and may continue to affect the comparability of its past and future financial performance. Income from marketing fees constituted 53.62% and 88.05% of the company's revenue from operations in Fiscals 2024 and 2023, respectively, however, it ceased to be a major source of revenue in Fiscal 2025 and the six months period ended September 30, 2025 and September 30, 2024 following certain regulatory developments in Fiscal 2024, which resulted in changes in terms of engagement with Insurer Partners. Conversely, following the TIB Acquisition in Fiscal 2025 (after which it became its Subsidiary), income from distribution of financial products, which constituted 8.83% and 0.58% of the company's revenue from operations in Fiscals 2024 and 2023, respectively, increased significantly to 97.63%, 98.91% and 95.81% of its revenue from operations in Fiscal 2025 and the six months period ended September 30, 2025 and September 30, 2024, respectively.
- The company earned nil/minimal income from marketing fees in the six months period ended September 30, 2025 and September 30, 2024 and Fiscal 2025, and income from marketing fees as a percentage of proforma revenue from operations declined from 66.41% in Fiscal 2023 to 7.13% in Fiscal 2024, which led to an adverse affect on its business, financial condition, results of operations and cash flows. Further, the company experienced a significant decrease in the company's revenue from operations by 81.27% from Rs.4,199.17 million in Fiscal 2023 to Rs.786.42 million in Fiscal 2024 primarily due to the decrease in income from marketing fees.
- The company has in the past entered into related party transactions and will continue to do so in the future and the company cannot assure you that the company could not have achieved more favorable terms if such transactions had not been entered into with related parties.
- The company's success depends significantly upon its Promoters, Key Managerial Personnel, Senior Management and certain other employees and the company's inability to attract, train and retain such persons could harm its ability to maintain and grow the company's business and given our employee benefits expense accounted for 26.45% and 47.67%, of its revenue from operations in the six months period ended September 30, 2025 and September 30, 2024, respectively, and proforma employee benefits expense accounted for 33.63%, 49.67%, and 48.99% of the company's proforma revenue from operations in Fiscals 2025, 2024 and 2023, respectively, any significant increase in the company's employee benefits expense could adverse our financial condition, results of operations and cash flows.
- The company's growth depends on broader adoption of internet and mobile applications as an effective platform for disseminating insurance products and content.
Objectives Turtlemint Fintech Solutions IPO
1. Expenditure towards cloud and server related infrastructure of the Company
2. Salary expenditure towards the technology and product development teams of the Company
3. Expenditure towards marketing initiatives by the Company
4. Expenditure towards lease payments for existing properties of the Company and wholly owned Subsidiary, TIB, breakup of which is as follows: Expense by the Company
5. Expenditure towards lease payments for existing properties of thr Company and wholly owned Subsidiary, TIB, breakup of which is as follows: Expense by wholly owned Subsidiary, TIB
6. Investment in wholly owned Subsidiary, TIB, for funding its working capital requirements
7. Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes
8. Total
Company Contact Details
The ORB – Sahar, 4B, 1st Floor, A Wing, Marol Vill Andheri (East),
Mumbai, Maharashtra , 400099
Phone: 1800 266 0101
Email: support@turtlemint.com
Website: https://www.turtlemintinsurance.com/
Registrar Contact Details
Name:
Kfin Technologies Ltd
Phone:
+91-40-67162222
Website:
Turtlemint Fintech Solutions FAQs
The Turtlemint Fintech Solutions IPO is a MAINBOARD public issue comprising 58070399 equity shares with a face value of ₹1 each, aggregating to a total issue size of ₹882.67 Cr. The issue price has been fixed at ₹152 per equity share, and the minimum application size is 98 shares.
The IPO opens for subscription on 19 Jun 2026, and closes on 23 Jun 2026.
Kfin Technologies Ltd has been appointed as the registrar to the issue. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
The Turtlemint Fintech Solutions IPO opens on 19 Jun 2026.
Turtlemint Fintech Solutions IPO lot size is 98, and the minimum amount required for application is ₹14896.
You may apply for the Turtlemint Fintech Solutions IPO online by using either the UPI or ASBA payment method. The ASBA facility is available through the net banking platform of your respective bank. The UPI-based IPO application option is typically provided by brokers that do not offer banking services. For detailed guidance on the online IPO application process, please refer to the procedures outlined by Zerodha, Groww, Upstox, 5Paisa, Paytm Money, Fyers, Alice Blue, Nuvama, HDFC Bank, ICICI Direct, Kotak Securities, Axis Direct, and SBI Bank.
The Basis of Allotment for the Turtlemint Fintech Solutions IPO is scheduled to be finalized on 24 Jun 2026. Subsequently, the shares allotted will be credited to investors’ demat accounts by 25 Jun 2026. Investors are advised to regularly check the Turtlemint Fintech Solutions IPO allotment status for updates.
The listing date for the Turtlemint Fintech Solutions IPO has not yet been officially announced. However, the tentative listing date is scheduled for 29 Jun 2026.
Turtlemint Fintech Solutions IPO Grey Market Premium (GMP) refers to the unofficial price at which the company’s IPO shares are traded in the grey market prior to their listing on the stock exchange. The GMP serves as an indicator of investor demand, expected listing gains, and the overall market sentiment toward the IPO.
As of now, the current GMP stands at ₹3 (1.97%).
As of now, the current GMP stands at ₹3 (1.97%).
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