IPO · Financial Services

Turtlemint lists on BSE NSE after IPO raises ₹660.7 Cr

By Startup Enthusiast · 16 June 2026

What they do

Turtlemint sells car bike health and term insurance through advisors and embedded APIs

The company raised ₹660.7 Cr in fresh shares with a ₹4513 Cr upper band valuation

Listing day saw an 11% drop as investors exited via offer for sale transactions

Turtlemint launched its initial public offering (IPO) on June 19 2026 to list on the BSE and NSE.
The price band was set between ₹144 and ₹152 per share valuing the company at up to ₹4513 Cr.
Fresh issue size totaled ₹660.7 Cr while existing shareholders sold stakes worth roughly ₹160 Cr via offer for sale (OFS).
An anchor round raised ₹397.2 Cr from domestic mutual funds and banks before the public listing.
Founders Anand Prabhudesai and Dhirendra Mahyavanshi sold shares raising ₹32.1 Cr and ₹33.6 Cr respectively.
Major investors including Peak XV Partners and Nexus Venture Partners exited partially realizing returns of 7.2X and 8.8X.

The listing provides liquidity to early investors who backed the company since its seed rounds.
The company uses proceeds to fund operations amid significant cash burn and net losses.

Founded in 2015 Turtlemint connects consumers with insurers via a network of financial advisors.
The platform distributes car bike health and term life insurance products across India.
Its Turtlefin product offers embedded insurance APIs to banks NBFCs and e-commerce firms.
Turtlemint Money enables cross-selling of mutual funds by existing insurance agents.
The company has sold over 1.6 crore policies through more than 5 lakh advisors.
It partners with 42 insurance companies to facilitate these digital transactions.
Revenue grew 80% year-on-year to ₹741.1 Cr in the first nine months of FY26.
Net loss widened to ₹187.3 Cr during the same period indicating high operational costs.
Cash reserves stood at ₹135 Cr combining cash equivalents and bank balances in December 2025.

The company will use fresh proceeds to pay tech salaries and fund working capital.
Proceeds will also cover lease payments marketing and cloud infrastructure costs.

Peak XV Partners (seller) — Sold 43.56 Lakh shares for ₹66.2 Cr realizing a 7.2X return.
Nexus Venture Partners (seller) — Sold 27.47 Lakh shares for ₹41.75 Cr realizing an 8.8X return.
Blume Ventures (seller) — Sold 10.56 Lakh shares for ₹16.5 Cr realizing up to 3.8X returns.
GGV Capital (seller) — Sold 11.91 Lakh shares for ₹18.11 Cr realizing a 1.9X return.
Hummingbird Ventures (seller) — UK-based investor sold 1.89 Lakh shares for ₹2.9 Cr realizing a 13X return.
Dream Incubator (seller) — Japan-based investor sold 2.03 Lakh shares for ₹3.08 Cr realizing a 1.8X return.