Mumbai: Turtlemint Ltd, an insurance technology platform, is set to raise ₹883 crore through an initial public offering (IPO) priced at a valuation about half its 2022 peak, as the venture-backed firm joins a few tech companies braving the public markets amid the West Asia war.
The Mumbai-based company, which connects customers, advisors and insurers via a digital platform, has fixed its price band at ₹144-152 per share for an issue that opens on Friday and closes on 23 June. The offering combines a fresh issue of ₹660.72 crore with a scaled-back secondary sale of 14.6 million shares, trimmed from an initially proposed 28.6 million, as only five of its 12 investors opt to monetise holdings.
Co-founder and chief executive officer (CEO) Dhirendra Mahyavanshi acknowledged the valuation step-down from the company's previous funding round, which pegged the firm at around $900 million. The company is expected to list at about $475 million. He attributed the gap to a reset across the broader market since 2022, while arguing the business trajectory remains intact on an adjusted basis—even as net losses widened 26.5% to ₹125 crore in the first half of FY26.
“The last round happened in 2022, and after that, there has definitely been a reset that has happened. But if you look at our investors, they believe in what we are building, and they are here to hold and look at a value being created over a period of time,” Mahyavanshi told Mint in an interaction on the sidelines of its IPO press conference.
“It’s a milestone, but there is so much to be done going forward in building the business, and the opportunity is very large,” he added. “It will all even out over the long run.”
- Turtlemint IPO values firm at $475 million, half its 2022 peak.
- Net losses widened 26.5% to ₹125 crore in H1 FY26.
- Only five of the twelve investors are selling shares in the offer.
- The company aims to achieve full AI-driven operations within the next 8 to 12 months.
- Fresh issue of ₹660.72 crore funds for tech, AI, and distribution expansion.
Falling losses
The proceeds from the fresh issue will fund technology infrastructure and network expansion over two to three years, with a tilt toward AI. Anand Rohidas Prabhudesai, executive director and chief operating officer, said Turtlemint aims to complete a transition to an AI-first operating model within eight to twelve months, with tech spending reoriented rather than increased.
“Losses are reducing,” Mahyavanshi said, arguing that the company's underlying performance is improving on an adjusted basis.
The company reported a one-time exceptional expense of ₹33.9 crore in the six months ended September 2025, while its preferred profitability metric, Service Ebitda, excludes several costs that affect the bottom line.
Flipkart and PhonePe, for instance, have reportedly deferred their IPO plans amid the market uncertainty. In May, Mint reported that only one sizable equity IPO, OnEMI Technology Solutions, parent of digital lender Kissht, hit the market in the past three to four months.
In August, Mint reported how, amid a crowded public listing pipeline, muted investor feedback, and lower-than-expected valuations, several companies are trimming the OFS portion of their upcoming IPOs.
AI-ification of Turtlemint
Mahyavanshi said the company intends to invest steadily over the coming years and deploy the fresh issue into growth within the next 2-3 years.
“The money will go towards tech investments and towards building that network over the next two to three years,” he said.
According to the draft prospectus, the proceeds from the fresh issue will primarily be used for technology investments, including cloud and server infrastructure, salaries for technology and product development teams, and expanding the company’s distribution network.
More importantly, a significant portion of those technology investments will be directed toward artificial intelligence, with the company aiming to transform itself into an AI-first organization within the next year.
Prabhudesai said the technology is expected to both improve efficiency and strengthen customer retention.
“AI is reducing the time it takes to do a particular activity, which improves our NPS score, increasing customer satisfaction and, in turn, generating more business for us. So it grows the business, and also saves cost,” he said.
Founded in 2015, Turtlemint is a technology-enabled insurance distribution platform that connects customers, insurance advisors, and insurers. The company competes with InsuranceDekho and PB Fintech in India’s growing insurance technology space and has raised close to $190 million to date.
Turtlemint was backed in its 2022 funding round by Amansa Capital, Jungle Ventures and Nexus Venture Partners. Other investors, including Vitruvian Partners and Marshall Wace, had also participated in the round.
ICICI Securities Ltd, Jefferies India Pvt. Ltd, JM Financial Ltd and Motilal Oswal Investment Advisors Ltd are the book-running lead managers to the offer. Mint first reported in April last year that the company, backed by leading investors such as Jungle Ventures and Peak XV Partners, is in talks with Motilal Oswal, ICICI Securities, JM Financial and Jefferies to help manage the IPO.