Turtlemint Fintech raises ₹397 crore from anchor investors ahead of IPO launch

Insurtech firm Turtlemint Fintech Solutions Ltd on Thursday (June 18) has raised ₹397.20 crore from anchor investors ahead of its initial public offering (IPO), allotting 2.61 crore equity shares at ₹152 per share, the upper end of the price band.

The company allotted 2.61 crore equity shares to 32 anchor investors at a face value of ₹1 per share, including a share premium of ₹151 per share.

Anchor investors included ICICI Prudential Equity & Debt Fund, Mirae Asset Multicap Fund, Mirae Asset Aggressive Hybrid Fund, Border to Coast Emerging Markets Equity Fund, Amansa Holdings Private Limited and BNP Paribas Financial Markets – ODI.

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Other investors included Edelweiss Recently Listed IPO Fund, Bank of India Mid & Small Cap Equity & Debt Fund, Bajaj Life Insurance Limited, Societe Generale – ODI, ICICI Prudential Life Insurance Company Limited and Axis Max Life Insurance Limited, among others.

Out of the total allocation of 2.61 crore equity shares, 1.11 crore equity shares, representing 42.50% of the anchor allocation, were allotted to seven domestic mutual funds through 12 schemes.

The IPO is scheduled to open for subscription on Friday, June 19, 2026. The offering will close on June 23, and the anchor investor portion will open for subscription on June 18, a day ahead of the public issue.

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The price band has been fixed at ₹144-152 per share for the public issue, valuing the company at over ₹4,500 crore at the higher end.

The OFS includes stake sales by promoters Anand Prabhudesai and Dhirendra Mahyavanshi, as well as existing investors Peak XV Partners, Nexus Venture Partners, Jungle Ventures, Blume Ventures and individual investor Kunal Shah.

ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers to the issue.

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Turtlemint operates a technology-led insurance distribution platform that connects customers, insurers and digital partners. As of September 30, 2025, the platform had over 6 lakh digital partners, including 4.85 lakh Point of Sales Persons (PoSPs), and facilitated the distribution of 19.68 million insurance policies between April 2022 and September 2025.

For FY25, the company reported revenue of ₹662.7 crore, compared to ₹78.6 crore in FY24. Its net loss widened marginally to ₹194.1 crore from ₹193.3 crore a year earlier.