Turtlemint IPO: Insurtech firm files updated draft papers with SEBI for public issue

Turtlemint Fintech Solutions has filed its updated draft red herring prospectus with the Securities and Exchange Board of India for its proposed initial public offering. The filing was made on Wednesday, January 28, as per regulatory disclosures.

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The proposed public issue will comprise a fresh issue of equity shares worth ₹660.72 crore along with an offer for sale of 28,608,992 equity shares by existing shareholders.

Promoters and Investors

Promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will sell a portion of their holdings through the offer for sale. Existing investors Peak XV Partners Investments V, Nexus Ventures VI Holdings LLC, and Jungle Ventures III Investment Holding Pte Ltd will also divest part of their stake under the OFS component.

Use of Proceeds

As per the draft papers, the company plans to utilise the net proceeds from the fresh issue towards multiple operational and growth-related expenses. These include expenditure on cloud and server infrastructure, salary costs, marketing initiatives, and lease repayments. Funds will also be allocated towards investment in its wholly owned subsidiary, funding inorganic growth through unidentified acquisitions, and general corporate purposes.
The company stated in its draft prospectus that listing its equity shares is expected to enhance brand visibility among existing and potential customers and enable the creation of a public market for its equity shares in India.

Regulatory Timeline

Turtlemint had earlier filed its draft prospectus through the confidential pre-filing route in September and received approval from the market regulator in December to proceed with the public issue. Following the approval, the company submitted its updated draft red herring prospectus, which will be open for public comments for a period of 21 days. After the public consultation period, the company will be required to file a further updated document incorporating the feedback received.

About Turtlemint

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a technology-enabled insurance distribution platform focused on simplifying the purchase and management of insurance policies.
The company said it has sold around 1.6 crore insurance policies through a network of more than five lakh advisors across India. It has also processed over 90 crore claims for more than 1.2 crore customers.
Turtlemint operates a unified technology platform that connects insurers, advisors, and consumers. It has established long-term partnerships with more than 40 insurance companies, which account for nearly 65% of all life and general insurers operating in India, as per the disclosures in the draft prospectus.