Turtlemint Fintech Solutions Limited

Turtlemint Fintech Solutions Limited (NEW IPO): GMP, Price, Review, Profit

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Turtlemint Fintech Solutions Limited is a technology‑enabled insurtech and financial distribution platform that connects customers, insurers and insurance advisors for health, life and motor insurance, and also provides access to mutual funds, loans and other financial services.

It has built one of India’s largest insurance advisor networks with over ~6 lakh registered partners (PoSPs) covering ~19,000+ pin codes and has sold over 1.6 crore insurance policies. Its platform has processed claims for more than 1.2 crore customers and partners with 40+ insurance companies, reflecting deep penetration across urban and B30+ markets.

Turtlemint Fintech Solutions Limited was incorporated in 2015 & currently Mr. Dhirendra Nalin Mahyavanshi serves as the CEO & Co‑Founder of the company.

Turtlemint Fintech Solutions Limited filed its DRHP with SEBI proposing an IPO of ₹ 660.72 Cr + 28,608,992 Equity Shares consisting Fresh Issue of ₹ 660.72 Cr and Offer‑for‑Sale (OFS) of 28,608,992 Equity Shares.

Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:₹ 660.72 Cr + 28,608,992 Equity Shares
Fresh Issue:₹ 660.72 Cr
Offer for Sale:28,608,992 Equity Shares
Price Range:TBA
Lot Size:TBA
GMPPending

Turtlemint Fintech Solutions Limited important data points

Revenue, PAT, EBITDA

YearFiscal 2025
Networth₹ 410.46 Cr
Revenue:₹ 693.206 Cr
EBITDA₹ -176.61 Cr
PAT₹ -194.1 Cr
EBITDA Margin: -25.47%
PAT Margin -28.00%
Face Value:₹ 01

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Cloud and server infrastructure₹ 25.64 Cr
Salary Expenditure₹ 193.03 Cr
Marketing Initiative~ ₹ 39.07 Cr
Lease rentals Payment₹ 43.07 Cr
Investment in subsidiaries₹ 128.64 Cr

Turtlemint Fintech Solutions Limited Financial Data

202320242025
Revenue (₹ Cr)₹ 460.1₹ 119.1₹ 693.2
PAT (₹ Cr)₹ -288.2₹ -193.3₹ -194.1
Asset (₹ Cr)₹ 900.4₹ 612.5₹ 578.7
Net Worth (₹ Cr)₹ 743.5₹ 563.8₹ 410.5

Turtlemint Fintech Solutions Limited IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
30-Mar₹ –₹ –₹ –
29-Mar₹ –₹ –₹ –
28-Mar₹ –₹ –₹ –
27-Mar₹ –₹ –₹ –
26-Mar₹ –₹ –₹ –
Turtlemint Fintech Solutions Limited

Turtlemint Fintech Solutions Limited IPO Pros & Cons

Strengths:

  • Strong insurtech growth – India’s digital insurance market is expanding rapidly.
  • Robust advisor network – 6 lakh+ PoSPs with pan‑India reach boosts distribution.
  • Diversified offerings – Health, life, motor insurance plus mutual funds & loans.
  • Tech-driven platform – Simplifies onboarding, claims, and policy management for users.
  • Early-mover advantage – Among top digital insurance aggregators in India.

Risks:

  • Revenue dependent on insurance penetration – subject to regulatory & market fluctuations.
  • High competition – Large incumbents like PolicyBazaar, Coverfox and fintech startups.
  • Profitability not yet stable – company posted losses in prior financial years.
  • IPO valuation uncertainty – price band and market reception will impact returns.
  • Execution risk – scaling advisors & tech infrastructure while maintaining service quality.

Turtlemint Fintech Solutions Ltd Promoters – Pre offer equity (Approx)

Promoters%Shares
Anand Rohidas Prabhudesai~ 8.33 %
Dhirendra Nalin Mahyavanshi~ 8.72 %
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Turtlemint Fintech Solutions Lot Size details

Application TypeLot SizeNo. of LotNo. of SharesInvestment Amount
Retail (Min)–1–₹ –
Retail (Max)–13–₹ –
HNI (Min)–14–₹ –
HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of Turtlemint Fintech Solutions Limited

Lead / Book Running Lead ManagersICICI Securities Limited, Jefferies India, JM Financial, Motilal Oswal Investment Advisors
Registrar (RTA)KFin Technologies Limited

Turtlemint Fintech Solutions Limited FAQ

  • It is a tech‑enabled insurtech & financial marketplace connecting customers, insurers and advisors to buy/manage insurance and other financial products seamlessly.
  • Turtlemint is raising funds via IPO to boost technology, expand infrastructure, strengthen its subsidiary and support growth initiatives.
  • The issue size of the IPO comprises of ₹ 660.72 Cr as Fresh Issue + OFS of ~2.86 Cr equity shares. It will be listed on BSE and NSE platform.
  • Key risks include widening losses, competitive pressure in insurtech and reliance on digital adoption in insurance.
  • Upsides include rapid market growth in digital insurance, strong advisor network and scalable tech platform.
  • Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

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