Insurtech Firm Turtlemint Submits Confidential Papers for Its Proposed IPO to SEBI

Turtlemint Fintech Solutions Ltd, an insurtech company, has filed papers with markets regulator Sebi for its proposed initial public offering (IPO) using the confidential pre-filing route.

In a public announcement, the Mumbai-based insurance advisor-focused startup, said it has filed "the pre-filed draft red herring prospectus with Sebi and the stock exchanges...in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges".

To assist the public offering, the company has roped in ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors as the lead merchant bankers, according to market sources.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is designed to simplify the purchase and management of insurance policies. The firm has sold 1.6 crore policies through its network of over five lakh advisers.

The platform helps financial advisors instantly match each customer with a suite of products best suited for their unique needs, through a digital solution, thereby making advisors & their business efficient. 

Turtlemint is backed by Amansa Capital, Jungle Ventures, and Nexus Venture Partners.