Turtlemint Insurance Services Pvt Ltd supports prominent investors including Jungle Ventures and Peak XV Partners Mint.
One of the three said the insurer was engaged to Motilal Oswal, ICICI Securities, JM Financial and Jefferies to help with the IPO.
The company added that it is expected to file its draft red herring prospectus (DRHP) with the Securities and Exchange Commission of India (SEBI) within the next two months and will be listed on the stock exchange by October this year.
The second person mentioned above said: “The company plans to raise about $200 million through public issuance.”
Queries sent to Motilal Oswal, ICICI Securities, JM Financial and Jefferies are still unanswered. Turtlemint declined to comment.
The company was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhdesai, which provides insurance products through Turtlemint Money through its Insurtech platform Turtle, Mutual Fund Advisory and Financial Planning Services and through its platform Turtlefin’s Safor-As-A-Service (SaaS) solution.
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Funding History
To date, Turtlemint has competed with insurance companies, PB Fintech and other players in other growing sectors of insurance technology, raising nearly $190 million to date. Its final round of funding was in 2022, when it raised $120 million led by Amansa Capital, Jungle Ventures and Nexus Venture Partners. Other investors, including Vitruvian Partners and Marshall Wace, also participated in the round. The company reportedly valued the company at about $900 million.
The development comes as Mumbai-based Turtlemint seeks to expand its insurance beyond its insurance and plans to enter mutual fund allocations, personal loans and other adjacent financial services, Mint Reported in September.
India’s insurance technology sector witnessed increased competition as many companies, including Turtlemint, offer SaaS solutions that are actively expanding to new geographical locations such as West Asia, Southeast Asia and Europe, regions that are accelerating digital adoption of insurers and are more willing to pay for advanced technology solutions, advanced technology solutions, Mint Report.
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In FY24, Turtles reported total revenue ₹5065 million, more than three times ₹According to data from Entrackr reports, it released 1.572 million in fiscal year 23. It records net profit ₹622 million in fiscal year 24, slightly lower than ₹The last fiscal year was 6.28 million.
