It is expected to launch its IPO between June 19 and June 23, with the issue size estimated at Rs 2,000 crore, said sources
Mumbai Mumbai based insurtech startup Turtlemint Fintech Solutions, connecting insurace advisors, customers and insurance company for offering insurance products, will announce the company’s forthcoming Initial Public Offering (IPO) on Tuesday.
It is expected to launch its IPO between June 19 and June 23, with the issue size estimated at Rs 1,500–2,000 crore, said sources.
In January, the company filed its updated draft red herring prospectus with the SEBI for a Rs 2,000 crore IPO, comprising a fresh issue of Rs 660.7 crore and an OFS of 28.6 million shares by promoters and investors including Blume Ventures, Nexus, Peak XV, and others.
Proceeds will fund cloud infrastructure, tech salaries, marketing, lease payments, subsidiary working capital.
Founded in 2015 by Dhirendra Nalin Mahyavansh and Anand Prabhudesaii, it has investores like Jungle Ventures, Nexus Venture Partners,Peak XV Partners (formerly Sequoia Capital India GGV Capital, Amansa Capital.
The platform allows users to compare various types of insurance to help them buy the right plan.It has partnered with more than 40 insurer partners enabling their point of sales person(POSP) to offer customers products,
From Fiscals 2023 to 2025, it has facilitated distribution of over 1.6 crore insurance policies across 19,105 pin codes through a network of more than 4 lakhs POSPs.It also offers access to other products like mutual funds, and personal loans.
The Book Running Lead Manager(BRLM) to the issue are ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, and Motilal Oswal Investment Advisors Limited.
Turtlemint Fintech Solutions will become only the second insurance distribution platform to tap the public markets after PB Fintech, the parent company of Policybazaar, which sells insurance policies.