Turtlemint Fintech Solutions, an insurance-distribution platform backed by Peak XV Partners and Nexus Venture Partners, has fixed a price band of ₹144-152 per share for its ₹883-crore initial public offering (IPO).
The issue will open for subscription on June 19 and close on June 23.
It comprises a fresh issue of shares worth ₹660.7 crore and an offer for sale (OFS) of ₹221 crore by existing shareholders.
At the upper end of the price band, the company is expected to command a market capitalisation of about ₹4,513 crore.
Promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will pare their holdings through the OFS. Other selling shareholders include Peak XV Partners Investments, Nexus Venture Partners, GGV VII Investments, Vistra ITCL (India), Catalyst Trusteeship, Dream Incubator Inc and Humming Bird Investment Holdings SPV.
Following the share sale, promoter shareholding is expected to decline to around 17.5 per cent from 19.5 per cent currently.
The company has reserved 75 per cent of the issue for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 10 per cent for retail investors.
ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
The company plans to use the proceeds from the fresh issue to strengthen its technology platform and expand its distribution footprint, particularly in underpenetrated markets.
“We will continue to build on technology and drive innovative solutions using technology. The second area is driving the last mile. While we have built a granular network across more than 19,000 pincodes, significant parts of the market remain underpenetrated and that is where we will continue to expand,” said Dhirendra Mahyavanshi, chairman, managing director and chief executive officer (CEO) of Turtlemint.
Founded in 2015, Turtlemint operates a technology-led insurance-distribution platform built around the Point of Sale Person (PoSP) model. As of December 2025, it had onboarded more than 6.31 lakh digital partners, including over 5.07 lakh certified PoSPs, and had a presence across 19,171 pincodes.
The company said its registered PoSP network grew at a compound annual growth rate (CAGR) of 40.9 per cent between FY21 and FY25, compared with an industry average growth rate of about 35 per cent.
Turtlemint has partnerships with 45 insurers, representing nearly 70 per cent of life and general insurers operating in India. Between April 2022 and September 2025, more than 2.19 crore insurance policies were distributed through its platform.
The company has a significant presence in B30 cities and said growth in gross direct premium income across retail health, retail life new business and motor insurance segments was around three times the overall market growth between FY20 and FY25.
Financially, the company continues to prioritise growth over profitability. Revenue from operations rose to ₹741.1 crore in the first nine months of FY25 from ₹411.1 crore in the corresponding period of FY24. However, net loss widened to ₹187.4 crore from ₹155.7 crore a year earlier.
Management did not provide a timeline for profitability but said operating leverage is improving. According to the company, fixed costs as a proportion of revenue have declined to 22 per cent from 42 per cent as its technology infrastructure has scaled.
