Turtlemint Fintech Solutions IPO

About Turtlemint Fintech Solutions IPO

Turtlemint Fintech Solutions IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the Demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The IPO of Turtlemint Fintech Solutions comprises a fresh issue aggregating up to ₹660.722 crores. There is also an offer for sale in this IPO of up to 28,608,992 equity shares. The lot size of shares in the IPO is TBA and the price band of shares is TBA per share.

The minimum investment amount required by a retail investor is TBA based on the upper price. The minimum lot for retail investors is TBA.

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.

Objectives of Turtlemint Fintech Solutions 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

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: KFin Technologies
  
• Book Running Lead Managers: ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors
  

Turtlemint Fintech Solutions 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.

Turtlemint Fintech Solutions Company Growth Trajectory

The revenue from operations of Turtlemint fintech 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.

Turtlemint Fintech Solutions 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 Fintech Solutions IPO?

To apply for this IPO:

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