Insurtech agency Turtlemint has filed an up to date draft pink herring prospectus (DRHP ) with the Securities and Alternate Board of India (SEBI) for its proposed preliminary public providing (IPO), a month after receiving regulatory approval for the problem.

The corporate had earlier opted for the confidential submitting route in September final yr and acquired clearance from the market regulator in December.

The IPO will comprise a contemporary problem of fairness shares price as much as Rs 660 crore and a proposal on the market of as much as 2.86 crore shares by current shareholders. The OFS will probably be led by Nexus Enterprise Companions, which plans to promote 91.43 lakh shares, accounting for about 32% of the overall OFS. Peak XV Companions will offload 79.21 lakh shares. Different promoting shareholders embrace Jungle Ventures, Blume Ventures, GGV Ventures, Dream Incubator and angel investor Kunal Shah.

Co-founders Anand Prabhudesai and Dhirendra Mahyavanshi may also take part within the OFS, promoting as much as 21.12 lakh and 22.11 lakh shares, respectively. Shah, who co-founded the corporate and stepped away from an govt position in December 2020, will promote as much as 5.33 lakh shares and at present holds a 1.45% stake.

Based in 2015, Turtlemint operates an insurance coverage distribution and market platform that connects shoppers with insurers by way of a community of economic advisors. The corporate affords motor, well being and life insurance coverage merchandise, and has expanded into adjoining monetary providers reminiscent of mutual funds and loans. Its core distribution technique centres on its TurtlemintPro app, which allows over 5 lakh advisors to handle gross sales, renewals and claims utilizing digital instruments.

The corporate additionally operates Turtlefin, a SaaS vertical offering plug-and-play APIs and backend workflows to banks, NBFCs and ecommerce corporations for insurance coverage distribution, and Turtlemint Cash, launched in 2019 to facilitate mutual fund distribution and cross-selling to its advisor community.

Proceeds from the contemporary problem will probably be used primarily to fund worker prices for expertise and product growth, with about Rs 193 crore earmarked for salaries. Round Rs 129 crore will probably be invested in its wholly owned subsidiary, TIB. The remaining quantity will probably be allotted in the direction of cloud and server infrastructure, advertising, lease funds for current properties and normal company functions.

As of the submitting, Nexus Enterprise Companions is the most important shareholder with a 24.05% stake, adopted by Peak XV Companions at 20.84%. Co-founders Prabhudesai and Mahyavanshi maintain 8.72% and eight.33% stakes, respectively, whereas Jungle Ventures owns 4.54%.

On the monetary entrance, Turtlemint reported working income of Rs 463.3 crore for the six months ended September 30, 2025, greater than doubling from the year-ago interval. Internet loss for a similar interval widened about 27% to Rs 125–126 crore. For the complete yr FY25, working income rose sharply to Rs 662.7 crore, whereas web loss remained largely flat at round Rs 194 crore.