On September 4, 2025, Mumbai-based insurtech startup Turtlemint Fintech Solutions Ltd. confidentially filed its draft red herring prospectus (DRHP) with SEBI and the stock exchanges under Chapter IIA of SEBI’s ICDR Regulations. This pre-filing route permits companies to keep IPO details private until later, providing flexibility and a longer window to finalize their public offering.
This development was first reported by The Economic Times.
Benefits of the Confident Pre-Filing Route
Compared to the traditional IPO process—where companies must go public within 12 months of SEBI approval—the confidential pre-filing route extends the timeline to 18 months from SEBI’s final comments. It also allows for up to a 50% change in issue size before the final DRHP submission, helping startups adapt their offering based on market feedback, making it ideal for fast-evolving businesses.
This approach has been adopted by several leading startups including Shadowfax, Shiprocket, PhysicsWallah, boAt, Swiggy, Tata Capital, and now Turtlemint, signaling a strategic shift to better time their market entries.
About Turtlemint: Making Insurance Simple
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint started with a vision to use technology to simplify insurance for common consumers. Now, it operates a comprehensive digital platform connecting customers, insurance advisors, and over 42 insurers across motor, health, life insurance, mutual funds, and loan products. Between FY2023 and FY2025, Turtlemint facilitated over 1.6 crore insurance policies across more than 19,000 pin codes. A large distribution network of around 400,000 point-of-sale partners and possibly 500,000 advisors powers this impressive reach.
Strong Backing and Ambitious IPO Plans
Top investors such as Nexus Venture Partners, Jungle Ventures, Amansa Capital, Peak XV (formerly Sequoia India), and Blume Ventures back Turtlemint’s growth. The startup aims to raise up to ₹2,000 crore via its IPO, joining the ranks of insurtech giants going public. For comparison, PB Fintech—parent to PolicyBazaar—raised ₹5,710 crore in its 2021 IPO, with shares performing solidly since listing.
Recent insurance IPOs like Niva Bupa and Go Digit have seen 14% and 30% listing gains, respectively, highlighting investor enthusiasm for digital insurance platforms.
On 7th September, PW has filed its updated Draft Red Herring Prospectus (DRHP) for a ₹3,820 crore IPO, comprising ₹3,100 crore fresh issue and a ₹720 crore offer for sale by cofounders Alakh Pandey and Prateek Maheshwari.
Why Turtlemint’s IPO Matters
Choosing the confidential filing route reflects Turtlemint’s confidence in its business fundamentals and growth prospects while allowing strategic agility in tuning the IPO offer. A successful listing will add substantial momentum to India’s insurtech space, showcasing the potential for technology-driven, investor-supported companies to scale responsibly and compete globally.
As the company awaits SEBI’s review and market conditions to unfold, all eyes will be on this Mumbai-based startup that’s quietly shaping India’s insurance future and pushing the envelope on digital-first financial services.
