Turtlemint Fintech Solutions IPO

About Turtlemint IPO

The public issue of the Turtlemint IPO, a mainboard IPO to be listed on NSE and BSE, opens on June 19, 2026, and closes on June 23, 2026. The allotment of shares will take place on June 24, 2026. The credit of shares to the demat account will take place on June 25, 2026. The initiation of refunds will also take place on June 25, 2026. The listing of shares will take place on June 29, 2026.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 4,34,68,552 shares (aggregating up to ₹660.72 crores). The offer for sale portion includes 1,46,01,846 shares of ₹1 FV (aggregating up to ₹221.95 crores). The total number of shares is 5,80,70,398 aggregating to ₹882.67 crores. All values are assuming price discovery at the upper band of ₹152.

Turtlemint Fintech Solutions is a book-built IPO with the IPO price band set between ₹144 and ₹152 per share. The lot size for an application is 98 shares. The minimum amount of investment required by a retail investor is ₹14,896 (98 shares based on upper band price of ₹152 per share). The minimum lot size investment for HNI is ₹2,08,544.

Turtlemint Fintech Solutions Incorporated in 2015, Turtlemint Fintech Solutions is a technology enabled insurance distribution platform. It builds a three-way connection between insurance originators, insurance customer, and insurance advisors. The company follows a combination of physical and digital models. It has the largest network of POS in the peer group. Insurance advisors can leverage the platform to compare, recommend, and distribute insurance products from multiple insurers. It has partnered with more than 45 insurers to offer life, health, and motor insurance products.

Objectives of Turtlemint IPO

The company proposes to utilise the IPO proceeds for:

• Expenditure towards cloud and server related infrastructure
  
• Salary expenditure towards the technology and product development teams
  
• Expenditure towards marketing initiatives
  
• Expenditure towards lease payments for existing properties of the company and its wholly owned subsidiary, TIB
  
• Investment in its wholly owned subsidiary, TIB, for funding its working capital requirements
  
• Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes
  

Industry Outlook

India’s insurance distribution landscape is rapidly evolving, driven by proactive regulatory reforms and the accelerated digital adoption. The total addressable market (“TAM”) for digital retail insurance distribution is expected to grow from ₹3.1 trillion (US$36.7 billion) in fiscal 2025 to ₹5.3-5.8 trillion (US$62-68 billion) by fiscal 2030, with strong traction in motor, health, and retail life segments.

Broker-led distribution, enabled by digital platforms and POSP models, is expected to drive ₹3.1-3.3 trillion (US$36-39 billion) by fiscal 2030, offering wider customer choice, deeper engagement, and efficient reach into B30+ and underserved markets. The remaining market offers strong headroom for digital expansion, especially through bancassurance via embedded insurance models.

About Turtlemint Fintech Solutions

Turtlemint is a tech-enabled insurance distribution platform that connects customers, insurance advisors and insurers. In 2015, Turtlemint became the first to adopt the point-of-sale person (“POSP”) distribution model. It was also the largest certified POSP network among its peer group as of 30 September 30, 2025.

According to the Redseer Report, it has significantly outpaced the growth of the overall retail insurance market, in terms of gross direct premium income.

Strengths of Turtlemint Fintech Solutions

• Strong positioning in the POSP landscape driving scalable pan India distribution
• Diversified and granular digital partner network enabled by tech-driven training
• Long-term partnerships with multiple insurer partners
• Consistently strong earnings and high digital partner retention drive favourable unit economics and operating leverage
• Self-reinforcing flywheels driving strong network and learning effects
• Promoter led company with an experienced management team backed by marquee investors

Risks of Turtlemint Fintech Solutions

• Inability to generate adequate revenue growth can adversely affect business
• Any inability to diversify portfolio mix, could have a material adverse effect on business, prospects, financial condition, results of operations and cash flows
• Any reduction in fee rates may have an adverse effect on business, financial condition, results of operations and cash flows
• Failure to attract and manage digital partners in a cost-effective way may have an adverse effect on business, prospects, financial condition, results of operations and cash flows
• The company’s revenue from operations have experienced significant changes due to certain regulatory developments and the acquisition of TIB
• Any significant increase in employee benefits expense could adversely affect financial condition, results of operations and cash flows
• If the company’s subsidiary TIB fails to generate the expected returns or face adverse developments, it could negatively affect business
• The company may be unable to successfully identify, complete, integrate and realise the benefits of acquisitions or strategic investments in the future or manage the associated risks

Anchor Investor Bidding Date June 18, 2026

IPO Registrar
KFIN Technologies Ltd (KFINTECH)
Phone: 04067162222, 04079611000
Email id: turtlemint.ipo@kfintech.com

IPO Book Running Lead Managers

• ICICI Securities Limited
  
• Jefferies India Private Limited
  
• JM Financial Limited
  
• Motilal Oswal Investment Advisors Limited
  

Turtlemint Fintech Solutions Contact Details

The ORB Sahar, 4 and 4A, 1st Floor, A wing, Marol Village, Andheri East, Mumbai 400 099, Maharashtra, India
Email: companysecretary@turtlemint.com
Phone: 022-68387400

Business Model

Turtlemint is a tech-enabled insurance distribution platform that connects customers, insurance advisors and insurers. In fiscal 2021, the company expanded its offerings to include mutual funds, and in fiscal 2024, expanded to include loans and deposit products.

Company Growth Trajectory

The revenue of operations of Turtlemint grew from ₹419.917 crores in FY 23 to ₹662.712 crores in FY 25. The number of digital partners grew from 376,618 in FY 23 to 543,972 in FY 25. Long-term partnerships with multiple insurer partners and strong positioning in the POSP landscape have helped in the company's growth over the years.

Market Position

Turtlemint has established a significant presence in B30+ markets, which refer to the rest of India except Top 30 cities by population (“T30”), according to the Redseer Report. As of September 30, 2025, 80.05% of its digital partners were based in B30+ markets and 74.79% of platform premium distributed sales were sold in B30+ markets.

The company had partnered with 44 insurer partners, as of September 30, 2025, enabling its digital partners to offer customers an unbiased selection of brands and products that address their individual requirements.

How to Apply for Turtlemint IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.