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InvestmentsIPOTurtlemint Fintech Solutions IPO

Turtlemint Fintech Solutions IPO

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Open Date

19 Jun 2026

Close Date

23 Jun 2026

Min Investment

₹ 14,112

Lot Size

98

Issue Size

₹ 882.67 Cr

Price Range

₹ 144 - ₹ 152

Subscribed

1.2 x
status

This IPO is now Live.

Click here for live price
IPO Timeline
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IPO Offer Start
19 Jun 2026
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IPO Offer Ends
23 Jun 2026
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Allotment Finalisation
24 Jun 2026
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Refund Initialisation
25 Jun 2026
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Non-Institutional Buyers (sHNI)
25 Jun 2026
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Listing of Shares
29 Jun 2026
IPO Subscription Details as on 12 Nov 2026, 07:31 PM
Qualified Instituational Buyers (QiB)
1.59 x
Retail
1.05 x
Total
1.2 x
Non-Institutional Buyer (bHNI)
0.52 x
Non-Institutional Buyer (sHNI)
0.52 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
Turtlemint is a tech-enabled insurance distribution platform that connects customers, insurance advisors and insurers. The company became the first to adopt the point-of-sale person (PoSP) distribution model in 2015 and operates the largest certified PoSP network among peer companies. The company has demonstrated significant growth with Platform Premium growing from ₹6,989.02 million in Fiscal 2020 to ₹29,459.36 million in Fiscal 2025, achieving a CAGR of 33.34%. The company has facilitated distribution of 21.87 million insurance policies generating Platform Premium of ₹100,661.01 million across 19,171 pin codes in India.
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Founded In

2015

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CEO

Dhirendra Nalin Mahyavanshi

Financials of Turtlemint Fintech Solutions IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue419.9278.64662.71
Other Income40.2040.4830.49
Total Income
460.11119.12693.21
Total Expenses
748.30312.47882.57
Profit Before Tax-288.18-193.35-189.36
Total Profit
-288.18-193.35-194.11

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company intends to utilize funds for meeting expenditure towards cloud and server related infrastructure under enterprise agreement with vendor. The infrastructure is crucial to ensure speed, reliability and stability, providing seamless experience for customers.26
The company proposes to utilize funds towards payment of compensation to its existing employee base in technology and product development teams. The teams play pivotal role in driving innovation and shaping platform capabilities.193
The company intends to utilize funds towards marketing expenditure for brand building and Digital Partner acquisition initiatives through online and offline channels. The strategy combines organic and paid initiatives to reach broad and diverse audience.39
The company proposes to utilize funds towards lease payment of properties leased to the company and wholly-owned subsidiary. The payments are essential for uninterrupted business operations and continued execution of business strategy.43
The company intends to deploy funds to wholly owned subsidiary TIB for funding working capital requirements. The working capital requirement has increased primarily on account of higher trade receivables from long-term policies.129
The company expects to utilize funds towards funding inorganic growth through unidentified acquisitions and strategic initiatives, and general corporate purposes. The acquisitions will complement product offerings and strengthen presence in targeted markets.-
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  • Strong positioning in the PoSP landscape driving scalable pan India distribution: The company operates the largest registered PoSP distribution network amongst the Peer Group as of December 31, 2025, with presence across 19,171 pin codes in India. The company registered a PoSP CAGR of approximately 40.86% from 110,273 as of March 31, 2021 to 434,163 as of March 31, 2025.
  • Diversified and granular Digital Partner network enabled by tech-driven training: The company has built a highly diversified Digital Partner base that has grown at a CAGR of 33.57% from 119,643 as of March 31, 2020 to 631,885 as of December 31, 2025. In Fiscal 2025, the average MAU on Turtlemint Academy platform was 52,323 Digital Partners.
  • Long-term partnerships with multiple Insurer Partners: The company has maintained partnerships with 45 Insurer Partners as of December 31, 2025, representing 75% of all life and general insurers in India. In Fiscal 2025, 12 Insurer Partners each underwrote premiums more than ₹1,000.00 million through the platform.
  • Consistently strong earnings and high Digital Partner retention drive favourable unit economics and operating leverage: The company achieved 69.46% Digital Partner retention after two Fiscals and 64.04% after five Fiscals. For the Fiscal 2020 Digital Partner cohort, average earnings in Fiscal 2025 increased to 2.8 times their average earnings in Fiscal 2020.
  • Self-reinforcing flywheels driving strong network and learning effects: The company facilitated distribution of 21.87 million insurance policies from April 1, 2022 to December 31, 2025, generating Platform Premium of ₹100,661.01 million. The average number of quarterly policy-issuing Digital Partners grew at CAGR of 52.56% from 7,046 in Fiscal 2020.
  • Promoter led company with an experienced management team backed by marquee investors: The company is led by first-generation entrepreneur Promoters with significant experience in insurance, sales and technology sectors. The company is supported by marquee investors including Nexus Ventures, Peak XV Partners, and other leading global venture capital funds.

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