Insurtech startup Turtlemint has acquired approval from the Securities and Alternate Board of India (SEBI) to proceed with its preliminary public providing (IPO).

SEBI issued its statement letter to the corporate within the week ended December 12, in line with an replace on SEBI’s web site. In regulatory parlance, the statement letter permits an organization to maneuver forward with its IPO.

Turtlemint had pre-filed its draft red herring prospectus (DRHP) with SEBI by means of the confidential route earlier in 2025. The dimensions of the general public challenge will likely be recognized after the corporate information its up to date DRHP, however studies estimates peg the IPO within the vary of $200 million to $250 million, or as much as about Rs 2,000 crore.

Based in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a digital market that connects insurance coverage advisors with prospects throughout motor, well being and life insurance coverage merchandise. The platform additionally affords entry to different monetary merchandise, together with mutual funds and loans, whereas offering advisors with digital instruments to broaden their attain and scale their companies.

Past its core market, the corporate has been increasing its enterprise choices by means of its software-as-a-service arm, Turtlefin, operated below Turtlemint Fintech Options Restricted. This enterprise serves banks, non-banking monetary corporations and e-commerce companies.

To this point, Turtlemint has raised about $190 million in funding and was valued at round $900 million in its final spherical of $120 million in April 2022.

In India’s listed insurance coverage and insurtech house, PolicyBazaar guardian PB Fintech and Go Digit Basic Insurance coverage are among the many key publicly traded gamers. Digital insurer Acko can be reportedly getting ready for a possible itemizing, with a goal timeline of 2027.