Turtlemint Fintech Solutions Ltd IPO
IT - Software
Price Band
₹144 – ₹152
Lot Size
98
Minimum Bid Quantity
98
Minimum Investment
₹14896
Issue Size
₹882.67Cr
Opens
2026-06-19
Closes
2026-06-23
Listing
29-06-2026
Subscription Status
Qualified Institutional Buyers
1.59 x
Non-Institutional Investor
0.49 x
Retail Individual Investor
0.96 x
Total
1.17 x
IPO Details
Issue Type
EQUITY
Face Value
₹1
Tick Size
1
ISIN
INE0OC301013
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Turtlemint Fintech Solutions Limited is a technology-enabled insurance distribution platform that connects customers, insurance advisors (digital partners), and insurance companies. The company facilitates the distribution of insurance products across health, life, and motor insurance categories through its digital platform and network of certified Point of Sale Persons (PoSPs). In addition to insurance products, it also offers access to financial products such as mutual funds, loans, credit cards, and deposit products. The company operates through its technology platforms, including Turtlemint Pro for advisors, Turtlemint Academy for training, Turtlefin for enterprise insurance distribution, and OneAPI for embedded insurance solutions. As of December 31, 2025, Turtlemint had partnerships with 45 insurance companies and a network of over 631,000 digital partners across India. The company has a significant presence in non-metro markets and provides digital tools for policy comparison, quote generation, customer management, policy servicing, and claims support.
Pros
- • The company claims to operate the largest registered Point of Sale Person (PoSP) distribution network among its peer group as of March 31, 2025 and December 31, 2025. As of December 31, 2025, its network was present across 19,171 pin codes in India and accounted for approximately 15.97% of the country’s PoSP base in FY25, according to the Redseer Report.
- • The company has built a significant presence in B30+ markets (areas outside the top 30 cities by population). As of December 31, 2025, around 80.09% of its Digital Partners were based in these markets, while 75.13% of its platform premium was generated from these regions, giving it exposure to areas expected to witness faster insurance adoption.
- • The company claims to have built a diversified network of 631,885 Digital Partners as of December 31, 2025, supported by 81 physical branches and its training platform, Turtlemint Academy. The Digital Partner base grew at a CAGR of 33.57% from 119,643 in March 2020, helping the company reduce dependence on a limited set of distributors.
Cons
- • The company has incurred losses of Rs 187.39 crore, Rs 154.66 crore, Rs 194.10 crore, Rs 193.35 crore, and Rs 288.18 crore in the nine months ended December 31, 2025, December 31, 2024, and FY25, FY24, and FY23, respectively. It also reported negative cash flow from operating activities of Rs 175.31 crore, Rs 163.41 crore, Rs 215.81 crore, Rs 241.67 crore, and Rs 285.92 crore during the same periods. If the company is unable to generate sufficient revenue growth or control its expenses, it may continue to incur losses and negative cash flows, which could adversely affect its financial condition and operations.
- • The company derives a significant portion of its revenue from general insurance companies, which contributed Rs 691.16 crore (93.27%) and Rs 358.47 crore (87.20%) of revenue from operations in the nine months ended December 31, 2025, and December 31, 2024, respectively. On a proforma basis, general insurance companies contributed Rs 617.67 crore (88.21%), Rs 447.67 crore (79.35%), and Rs 382.33 crore (71.07%) in FY25, FY24, and FY23, respectively. Any loss of relationships with general insurance companies, constraints on the sale of general insurance products, particularly motor insurance, or failure to diversify its revenue mix could adversely affect the company’s business and financial performance.
- • The company acquired Turtlemint Insurance Broking Services Private Limited (TIB) from one of its promoters with effect from May 8, 2024, and therefore does not have a long consolidated operating history through which its overall performance can be evaluated. TIB contributed 97.37% and 104.44% of revenue from operations in the nine months ended December 31, 2025, and December 31, 2024, respectively, and 96.32%, 89.52%, and 29.10% of proforma revenue from operations in FY25, FY24, and FY23, respectively. If TIB is unable to sustain its performance or generate the expected returns, it could adversely affect the company’s business, financial condition, and future growth prospects.
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