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HomeIPOTurtlemint Fintech Solutions

About Turtlemint Fintech Solutions

Founded in 2015, Turtlemint is a tech-enabled insurtech platform connecting insurance advisors, customers, and insurers, offering products across health, life, motor & general insurance.

Checklist Quality Analysis

Revenue Growth

Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Turtlemint Fintech Solutions

Turtlemint Fintech Solutions

Open Date

Jun 19, 2026

Close Date

Jun 23, 2026

listed

Min Investment

₹14,896

Lot Size

98 Shares

Issue Size

₹882.67 Cr

Price Range

₹144 - ₹144

Listing Date

Jun 29, 2026

IPO Doc

RHP PDF

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹5(-3.29%)GMP
3.29%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Turtlemint Fintech Solutions IPO - Issue Objectives

The company will use ₹25.64 crore for the cloud and server-related infrastructure ₹193.04 crore for tech and product team salaries. The company will use ₹39.07 crore for marketing initiatives of the company. ₹43.08 crore for office costs and ₹128.64 crore for working capital. Part of the IPO proceeds will fund acquisitions, issue expenses, and general corporate purposes.

Capital expenditure

3.8%

Operating expenses

29.2%

Marketing expenses

5.9%

Lease payments and working capital

25.9%

General corporate purposes

35%

1

Capital expenditure

The company will use ₹25.64 crore for the cloud and server-related infrastructure

3.80%
2

Operating expenses

₹193.04 crore for tech and product team salaries.

29.20%
3

Marketing expenses

The company will use ₹39.07 crore for marketing initiatives of the company.

5.90%
4

Lease payments and working capital

₹43.08 crore for office costs and ₹128.64 crore for working capital.

25.90%
5

General corporate purposes

Part of the IPO proceeds will fund acquisitions, issue expenses, and general corporate purposes.

35.00%

IPO Subscription Status

QIB
1.63x
NII
0.55x
Individual
1.11x
Total
1.24x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Turtlemint Fintech Solutions

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue469.37693.21119.12460.11
EBITDA
Expenses
Profit After Tax-125.15-194.11-193.35-288.18
Assets472.67578.69612.55900.37
Net Worth329.95410.46563.80743.45
Reserves
Borrowing0.000.000.000.00

Turtlemint Fintech Solutions - Promoter(s)

Anand Rohidas Prabhudesai

Dhirendra Nalin Mahyavanshi

Pre Issue Share Holding

N/A

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Largest PoSP network in India

The company has the largest PoSP network in India, covering 19,171 pincodes and a partner base growing at a CAGR of ~40.86% to 434,163 in FY25. More than 75% of premiums generated on its platform are from underpenetrated B30+ segments, which are expected to grow 1.6x faster in demand for insurance products compared to metros till FY30.

02

Scalable, technology-enabled partner network

631,885 digital partners were acquired till December 2025 at a 33.57% CAGR supported by a strong Turtlemint Academy, which attracts ~56,775 learners every month. Premium concentration continues to be very low, with even the top 5,000 partners accounting for less than ~33% of platform premiums.

03

Diverse insurance partner network

The company has 45 insurance partners, covering 75% of India’s life and general insurance market, including 12 partners with premiums of ₹100 crore in FY25. The broking model brings an 8%-10% cost saving to insurers compared to their traditional agent networks.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Consistent losses

Turtlemint has reported losses every year since FY23 and reported an operating loss of ₹187.39 crore in 9MFY26. It has continued to be unable to convert sales into cash as its operating cash flow has been negative each year. It needs to grow revenues while it copes with rising costs on account of higher commissions and growing staff strength.

02

Concentrated revenue stream

The company is generating more than 93% of its revenue from its general insurance business, which is mainly driven by the sale of motor policies, which is an extremely risky segmental exposure for the company. Lower revenues can be due to changes in motor third-party premium regulations or lower sales of vehicles.

Contact Details

Turtlemint Fintech Solutions

The ORB – Sahar, 4B, 1st Floor, A Wing, Marol Village, Andheri (East), Mumbai, Maharashtra, 400099

18002660101
support@turtlemint.com
https://www.turtlemintinsurance.com/

Registrar Contact Details

Kfin Technologies Ltd.

04067162222
turtlemint.ipo@kfintech.com
https://ipostatus.kfintech.com/

Turtlemint Fintech Solutions IPO - FAQs

Turtlemint Fintech Solutions IPO is a Mainboard IPO. The issue is priced at 144-₹152. The minimum order quantity is 98 Shares. The IPO opens on 19 Jun, and closes on 23 Jun. Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-06-17
  • Bidding Starts2026-06-19
  • Bidding Ends2026-06-23
  • Allotment Finalisation2026-06-24
  • Release of Funds2026-06-25
  • Demat Transfer2026-06-25
  • Listing2026-06-29
04

Adhering to unit economics

64% of digital partners are still active five years after onboarding, and renewals produced commission income of ₹146 crore in 9MFY26, accounting for ~20% of total income. Premium per employee productivity increased from ₹0.86 crore in FY23 to ₹1.12 crore in 9MFY26.

05

Self-reinforcing platform flywheel

The number of policy-issuing partners has grown at a CAGR of 52.56%, from 7,046 in FY20 to 79,943 in 9MFY26 through the network and learning-effect effect of compounding. 21.87 million policies have been issued till now since FY22; the company’s data moat enhances pricing and product development for every policy issued.

03

Commission rates are unilaterally determined

Most of the revenue comes from commissions paid by insurers. Regulatory changes have increased pressure, leading to a reduction in commission rates from insurance companies. The September 2025 GST exemption has already led to a reduction in commission rates.

04

High partner acquisition costs

Subsidiary TIB contributed 97% of consolidated revenue and remains unprofitable, with 77% of total costs spent on the high cost of acquiring partners digitally.

05

Compliance and regulatory risks

Besides the IRDAI regulatory risks in running the Turtlemint platform, it also has contingent liabilities of ₹51.20 crore in GST payments and a past cyber attack where stolen information was later found in FY23.