Liquidity Events
Insurtech co. Turtlemint files DRHP for Rs.883-Cr IPO
Insurtech firm Turtlemint has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). The initial public offering (IPO) consists of a fresh issue of shares worth Rs.661-Cr and an offer for sale of 1.46 crore shares by founders and existing investors, aggregating Rs.222-Cr at the upper price band of Rs.152-Cr per share. The transaction is expected to raise about Rs.883-Cr.The offer for sale includes participation from various existing investors, including Humming Bird Investment Holdings, Nexus Ventures, Peak XV Partners, Blume Ventures, GGV Investments, and Dream Incubator. Additionally, co-founders Anand Prabhudesai and Dhirendra Mahyavanshi, along with former co-founder Kunal Shah, will offload shares as part of the offering.Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a marketplace that connects insurance advisors with customers. The platform provides access to insurance products across motor, health, and life categories, alongside financial products including mutual funds and loans.The company plans to use Rs.193-Cr from the proceeds for salary expenses related to its technology and product development teams and Rs.129-Cr for investment in its wholly owned subsidiary, TIB. The remaining capital will be used for cloud and server infrastructure, marketing and lease payments.
Between Apr 2015 and Apr 2022, Turtlemint had attracted about USD 200 M from Amansa Capital, American Family Ventures, Blume Ventures, Granite Asia, Jungle Ventures, Marshall Wace, Nexus Venture Partners, Susquehanna Asia VC, Vitruvian Partners and others.For FY25, Turtlemint had reported about INR 30.67 Cr in Operating Income and about INR 154 Cr in Net loss.
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