Analysis · Financial Services

Jefferies initiates coverage on Turtlemint with buy rating

By Startup Enthusiast · 21 August 2026

What they do

Turtlemint connects customers with insurers through a network of financial advisors

Jefferies started coverage with a 'Buy' rating and ₹190 target, sending shares up 5.7%

The brokerage expects revenue to grow 38% annually and EBITDA margin to turn positive by FY29

Shares of Turtlemint rose 5.7% intraday to ₹152.80 on BSE after Jefferies initiated coverage.
Jefferies gave a 'Buy' rating with a target price of ₹190.
The stock closed 3.3% higher at ₹149.40 on August 21, 2026.
Market capitalisation stood at ₹4,399.51 Cr ($459.8 Mn) at close.
Shares gained about 10.6% over the five trading sessions before this day.
Turtlemint listed on BSE at ₹136.20 in June 2026, 10.4% below its IPO price of ₹152.
The company reported Q1 FY27 operating revenue of ₹294.1 Cr, up 40% year-on-year.
Net loss narrowed 19% to ₹37.8 Cr from ₹46.7 Cr a year ago.

Jefferies expects Turtlemint's revenue to grow at a 38% CAGR over three years.
The brokerage forecasts adjusted EBITDA margin to improve to 10% by FY29 from a loss in FY26.
COO Anand Prabhudesai said 89% service EBITDA growth signals strengthening platform economics at scale.
Jefferies noted Turtlemint's PoSP (Point of Sales Person) vertical accounts for ~6% of all insurance premiums sold in India.

Turtlemint is an insurance distribution platform connecting customers with insurers through financial advisors.
It claims to have facilitated over 3 crore insurance policies with 46 insurers.
The platform has a network of 6.9 lakh digital partners across 19,186 pincodes.
It operates 83 physical branches.
Turtlemint provides technology platforms that connect insurers with its distribution network and third-party platforms.
Its website offers insurance quotes for health, car, bike, and life, plus mutual funds and loans via advisors.
Turtlefin is an embedded insurance and SaaS solution for banks, NBFCs, e-commerce, fintech, and enterprises.
The TurtlemintPro Advisor App helps advisors sell insurance, mutual funds, and loans with marketing tools and training.