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Turtlemint Fintech Solutions IPO
Finance - Investment
listed
1.19x
subscribed
₹14,112Min. investment
Turtlemint Fintech Solutions Limited IPO Details
Issue size
₹883Cr
IPO type
Mainboard
Market Cap
₹4,476CrHigher than sector avg
Price range
₹144 – ₹152
Listing ExchangeBSE, NSE
RevenueApr 20NaN - Mar 20FY
₹662.7CrLower than sector avg
Lot size
98 shares
Red Herring Prospectus
Read
Growth rate3Y CAGR
25.63%Higher than sector avg
SectorFinance - Investment
Price range₹144 – ₹152
IPO type
Regular
Lot size98 shares
Issue size₹883Cr
Red Herring Prospectus
Read
Market Cap
₹4,476CrHigher than sector avg
RevenueApr 20NaN - Mar 20FY
₹662.7CrLower than sector avg
Growth rate3Y CAGR
25.63%Higher than sector avg
Turtlemint Fintech Solutions Limited IPO Overview
Turtlemint Fintech Solutions IPO date
Turtlemint Fintech Solutions IPO will open for subscription on June 19, 2026, and the closing date for the IPO is June 23, 2026. After this, investors are expected to be updated about the allotment status on June 24, 2026. Investors who have been allotted shares can expect them to be credited to their demat account on June 25, 2026. The shares will be listed on the NSE and the BSE on Monday, June 29, 2026.
Turtlemint Fintech Solutions IPO price band
The IPO includes fresh issue and offer for sale. The IPO price band has been set between ₹144 and ₹152 per share. Interested investors can choose a price within this band to apply for the IPO.
The IPO is a book-building issue, comprising a fresh issue of ₹661 crore and an offer for sale of ₹222 crore only. Turtlemint Fintech Solutions IPO listing price will be determined on June 29, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.
Turtlemint Fintech Solutions IPO lot size
Turtlemint Fintech Solutions Limited IPO details have been declared. The minimum lot size for an application is 98 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹883 crore.
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Strength and Weakness
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.
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.
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.
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.
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.
About Turtlemint Fintech Solutions Limited
Founded in 2015, Turtlemint Fintech Solutions is a technology-driven insurance distribution platform that connects customers, insurance advisors, also known as Digital Partners, and insurance companies. The company adopts a "phygital" approach by combining technology with human advice. Its business has grown considerably over the last few years.
The total premium generated on its platform, grew from ₹698.90 crore in FY20 to ₹2,945 crore in FY25 on a CAGR of 33.3%. The platform sold around 2.187 crore insurance policies and provided total premiums generated of over ₹10,066 crore during the period April 2022 to December 2025. It operates as one of the largest insurance distribution networks nationwide, with a wide reach of 19,171 pincodes, which account for almost 98% of all pincodes in India.
As of December 2025, Turtlemint has already on-boarded over 631,000 digital partners to its platform, including 507,124 certified PoSPs. It continues to expand its advisor network. It had onboarded 99,000+ digital partners in FY25 and ~87,913 digital partners in 9MFY26. It also has a decent network of actively transacting partners, which on average was 79,943 during 9MFY26 versus 59,244 in 9MFY25. Approximately 80% of Turtlemint's digital partners are based in B30+ markets; these markets contributed nearly 75% of the company's platform premiums in 9MFY26.
The company is in partnership with 45 insurance companies for life and general insurance products, covering approximately 75% of all insurance companies in India. It makes revenue through commissions, incentives and fees received from insurance companies. Generally, the partnerships are on a long-term basis with an average term of 3-10 years. Twelve insurance companies had generated more than ₹100 crore in premiums on Turtlemint's platform in FY25. The company's premium generation is also reasonably diversified, with the top 10 insurer partners accounting for about 57% of Platform Premium during the year.
The company’s platform includes a complete advisory app for advisors (The Turtlemint Pro app), a training and certification platform for advisors (The Turtlemint Academy), a digital relationship management app for insurers (The Ninja SalesPro), and multiple cloud-based tools that help insurers issue policies and connect with Turtlemint. In FY25, Turtlemint issued over 509,000 policies per month while expanding to 614,365 policies per month in 9MFY26. The Turtlemint Pro app had approximately 158,000 average monthly active users in FY25 and 179,625 in 9MFY26. In addition to all of these tools, the company is also expanding its technology capabilities through Turtlefin, a digital insurance platform that allows banks, fintech companies, e-commerce businesses, and foreign customers to digitally sell insurance products.
Turtlemint acquired Turtlemint Insurance Broking Services Private Limited (TIB), an IRDAI licensed composite insurance broker, which enhances Turtlemint's capacity for working in direct insurance broking, as well as reinsurance broking. Turtlemint made the initial purchase of 75.14% of TIB for ₹104.91 crore in May 2024 and increased the stake to 100% through a buyback transaction in September 2024.
Digital partners who joined the platform in FY20 have increased their aggregate earnings by 2.8x from their original levels as of FY25. 69% of partners are still active 2 years after onboarding, and 64% of partners are still transacting five years after onboarding, which shows retention remains strong. Renewal commissions are also becoming a main revenue source for Turtlemint, which accounted for 21.2% of proforma revenue in FY25 versus 5.9% in FY23. Employee productivity has improved, with premium per employee increasing from ₹0.86 crore in FY23 to ₹1.25 crore in FY25.
The Indian market provides a tremendous opportunity for Turtlemint since India is one of the least mature insurance markets in the world. Insurance penetration was at around 3.7% of GDP in India in 2024, versus the substantially larger penetration in mature markets like the USA (12.1%) and UK (11.8%). Individual insurance spending in India is also expected to grow steadily over the next few years. The total value of the Indian digital retail insurance distribution market in FY25 was ~₹3.1 lakh crore, and it is expected that this amount will rise to between ₹5.3 lakh crore and ₹5.8 lakh crore by FY30.
Digital-first brokers of insurance have been experiencing strong growth in the last 5 years and should continue to provide healthy levels of growth for at least the next 5 years. Demand for insurance in B30+ markets is expected to have a much larger growth rate than in the major cities; hence, Turtlemint has a very strong presence within these types of areas, and this presents a significant growth path for Turtlemint in the near-term and long-term.
Now, Turtlemint Fintech Solutions Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹661 crore and an Offer for sale of ₹222 crore only. The total issue size of the IPO is ₹883 crore. Its shares will be listed on the NSE and BSE.
How to pre-apply for Turtlemint Fintech Solutions IPO?
You can pre-apply for Turtlemint Fintech Solutions IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
- Login to your Upstox account, using your six-digit PIN
- After successfully logging in, click on ‘Discover’
- On the Discover tab, you will find the ‘Invest in IPO’ section
- Under the Invest in IPO section, look for the ‘Turtlemint Fintech Solutions IPO’ tab and click on it
- Now fill in all the required information, like ‘bid price’ and ‘lot size’
- Confirm and click on ‘Pre-Apply’
- Accept the mandate on your UPI app
How to apply for Turtlemint Fintech Solutions IPO?
If you are interested in this investment opportunity but unsure how to apply for Turtlemint Fintech Solutions IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Turtlemint Fintech Solutions IPO on Upstox:
- Log in to your Upstox account, using your six-digit PIN
- After logging in, click on ‘Discover’
- On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
- Under the Invest in IPO section, look for the ‘Turtlemint Fintech Solutions IPO’ tab and click on it
- Now fill in all the required information, like ‘bid price’ and ‘lot size’
- Confirm and click on ‘Apply’
- Accept the mandate on your UPI app
**How to check the Turtlemint Fintech Solutions IPO allotment status? **
When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Turtlemint Fintech Solutions IPO allotment status:
- Login to your Upstox account, using your six-digit PIN
- After logging in, click on ‘Discover’
- On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
- Under the Invest in IPO section, you will find the ‘View all’ option
- Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
- In the ‘IPO’ tab, click on ‘My applications’
- In ‘My applications’, under the History section, your Turtlemint Fintech Solutions IPO allotment status will be mentioned
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Turtlemint Fintech Solutions IPO Subscription Status
Latest News on Turtlemint Fintech Solutions IPO
The ₹882.66 crore Turtlemint Fintech Solutions IPO consists of fresh issuance of shares valued at ₹660.72 crore and an offer for sale (OFS) of ₹221.94 crore.
2 min read
Turtlemint Fintech IPO: The company had filed its preliminary papers via the confidential route in September. It secured the regulator's approval in December to launch an IPO.
2 min read
Turtlemint IPO: The proposed initial share sale consists of new equity shares valued at ₹660.72 crore and an offer for sale (OFS) component of 28,608,992 shares.
3 min read
The ₹882.67 crore Turtlemint Fintech Solutions IPO is a fresh issuance of 4.35 crore shares valued at ₹660.72 crore and an offer for sale (OFS) of ₹221.95 crore.
2 min read
The ₹882.67 crore Turtlemint Fintech Solutions IPO, which will conclude on June 23, has set a price band of ₹144 to ₹152 per share.
2 min read
Turtlemint Fintech Solutions IPO is seeking to raise ₹882.67 crore by a combination of fresh issuance of shares and an offer for sale component by promoters and existing investors.
2 min read
Turtlemint Fintech Solutions IPO was subscribed 1.20 times, with bids for 3,95,47,704 shares as against 3,29,01,878 shares on offer, according to the BSE data.
3 min read
Frequently asked questions
How to invest in the Turtlemint Fintech Solutions IPO ?
Investors can apply for the Turtlemint Fintech Solutions IPO through their Demat account via the stock exchange or through their broker.
What is the issue size of Turtlemint Fintech Solutions IPO ?
The issue size of the Turtlemint Fintech Solutions IPO is 883 Cr.
What is 'pre-apply' for Turtlemint Fintech Solutions IPO ?
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
Which exchanges will Turtlemint Fintech Solutions IPO shares list on?
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.