Turtlemint IPO: Insurtech firm files UDRHP with SEBI for public offer; check key details

Turtlemint IPO: Tech-enabled insurance distribution platform Turtlemint Fintech Solutions has filed its updated draft red herring prospectus (UDRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), according to an update on Wednesday, January 28.

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.

Those selling their stake under the OFS include promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, along with investors Peak XV Partners Investments V, Nexus Ventures VI Holdings, LLC and Jungle Ventures III Investment Holding Pte Ltd.

The net proceeds from the issue will be utilised for expenditure towards cloud- and server-related infrastructure, salary expenditure, expenditure towards marketing initiatives, lease repayments, investment in wholly-owned subsidiary, funding inorganic growth via unidentified acquisitions and general corporate purposes.

"The company expects to receive the benefits of listing of its equity shares on the stock exchanges, including among other things, enhancement of our company’s brand name among existing and potential customers and creation of a public market for its equity shares in India," the firm said in its UDRHP.

The company had filed its draft prospectus via the confidential route in September and received SEBI's nod in December to move ahead with the public issue.

After the market regulator's approval, the company filed its UDRHP, which will be open for public comments for 21 days. After this, the firm is required to file updated documents (UDRHP-II) with SEBI incorporating public comments.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the company focuses on simplifying the purchase and management of insurance policies and has sold around 1.6 crore policies through a network of more than five lakh advisors.

Turtlemint said it has processed over 90 crore claims for more than 1.2 crore customers. Its technology helps financial advisors instantly match customers with insurance products best suited to their needs, thereby improving efficiency and supporting business growth.

Turtlemint connects insurers, advisors and consumers on a unified technology platform and has forged long-term partnerships with over 40 insurer partners, accounting for nearly 65% of all life and general insurers in India.