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Turtlemint Fintech
๐
Founded: 2015
๐ Mumbai, Maharashtra
๐ฅ 2,000+ employees
๐ turtlemint.com
๐ Face Value: โน1
๐ฆ Market Cap: โน4,800 Cr
Price Band
โน144 โ โน152
Issue Size
โน883 Cr
Lot Size
98 shares
Min. Investment
โน14,896
GMP
โน-3 (-2%)
Est. Return
-2%
Listing Date
29 Jun 2026
Registrar
KFin Technologies
IPO Signal Analysis
๐ Based on Grey Market Premium (GMP) & Subscription Data โ not financial advice
GMP Signal
Moderate Interest
GMP: +-2% above issue price
โญ Overall Signal
Moderate Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
1.24x subscribed
Issue Details
Fresh Issueโน661 Cr
Offer for Sale (OFS)โน222 Cr
Total Issue Sizeโน883 Cr
Face Valueโน1
Market Cap (at issue)โน4,800 Cr
Listing ExchangeBSE, NSE
๐
Open Date19 Jun 2026
๐ Close Date23 Jun 2026
โ๏ธ Cut-off Price Date23 Jun 2026
๐๏ธ Allotment Date24 Jun 2026
๐ธ Refund Initiation25 Jun 2026
๐ Demat Credit25 Jun 2026
๐ Listing Date29 Jun 2026
Objects of the Issue
- ๐ฐ Technology & product development โ โน200 Cr
- ๐ฐ POSP network expansion and training โ โน150 Cr
- ๐ฐ Sales and marketing โ โน120 Cr
- ๐ฐ Working capital requirements โ โน100 Cr
- ๐ฐ General corporate purposes โ โน91 Cr
About the Company
Turtlemint Fintech Solutions is India's largest insurance distribution platform, connecting over 1 lakh+ Point of Sales Persons (POSPs) with insurance buyers across 19,000+ pin codes. The company provides a technology-driven ecosystem for insurance agents to compare, sell, and manage policies across life, health, and general insurance.
Strengths
- โ 1 lakh+ trained POSPs โ India's largest insurance agent network
- โ Tech-first model: proprietary Mintpro agent app
- โ 19,000+ pin codes covered โ strong rural penetration
- โ Revenue grew 5.8x from โน119 Cr (FY24) to โน693 Cr (FY25)
Risk Factors
- โ ๏ธ Loss-making: โน194 Cr net loss in FY25
- โ ๏ธ Regulatory changes in insurance distribution (IRDAI)
- โ ๏ธ High customer acquisition cost for POSP network
- โ ๏ธ Low GMP (โน2) reflects muted market demand
Subscription Status
1.24x Overall
QIB: 1.6x
NII: 0.6x
RII: 1.1x
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | 0.75x | 0.01x | 0.30x | 0.46x |
| Day 2 | โ | โ | โ | 0.00x |
| Day 3 | โ | โ | โ | 0.00x |
Share Reservation
QIB
75%
NII
15%
RII
10%
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
Nippon India MFSBI MFMirae Asset MFIIFL Capital
Promoter Holding
62.4%
Pre-IPO
โ -6.6%
55.8%
Post-IPO
Company Gallery
Turtlemint
Turtlemint POSP training centre
Turtlemint
Mintpro agent app interface
Turtlemint
Insurance distribution network
Founders & Leadership
DM
Dhirendra Mahyavanshi
Co-Founder & CEO
๐ IIT Kharagpur, B.Tech; IIM Calcutta, MBA
Led Turtlemint to become India's largest POSP-based insurance distribution platform
AP
Anand Prabhudesai
Co-Founder & Co-CEO
๐ IIT Bombay, B.Tech; Stanford University, MS
Drives product and technology strategy; ex-Google and early-stage investor background
IPO Timeline
โ
Open Date
19 Jun 2026
โ
Close Date
23 Jun 2026
โ
Allotment Date
24 Jun 2026
โ
Listing Date
29 Jun 2026
Key Financials
Revenueโน693 Cr
PAT-โน194 Cr
EPS-โน9.20
P/E RatioN/A
ROEN/A
Market Capโน4,800 Cr
Company Financials (Restated Consolidated)
| Period Ended | 9M FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 980.00 | 1100.00 | 480.00 | 620.00 |
| Total Income | 580.00 | 693.00 | 119.00 | 62.00 |
| Profit After Tax | -140.00 | -194.00 | -193.00 | -148.00 |
| EBITDA | -90.00 | -130.00 | -150.00 | -120.00 |
| Net Worth | 420.00 | 560.00 | 740.00 | 930.00 |
| Reserves & Surplus | 380.00 | 510.00 | 690.00 | 880.00 |
| Total Borrowing | 50.00 | 60.00 | 20.00 | 15.00 |
Amount in โน Crore
Key Performance Indicators (KPI)
| KPI | 9M FY26 | FY25 |
|---|---|---|
| ROE (%) | -33.33 | -34.64 |
| EBITDA Margin (%) | -15.52 | -18.76 |
| Debt / Equity | 0.12 | 0.11 |
| Net Worth (Rs. Cr) | 420.00 | 560.00 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | -โน9.20 | โ |
| P/E (x) | N/A | โ |
| ROE (%) | N/A | โ |
| Promoter Holding | 62.4% | 55.8% |
| Market Cap | โน4,800 Cr | |
IPO Registrar
IPO FAQs
Turtlemint Fintech IPO is a mainboard IPO with an issue size of โน883 Cr at a price band of โน144 โ โน152. Minimum lot size is 98 shares (minimum investment ~โน14,896). Opens on 19 Jun 2026 and closes on 23 Jun 2026. Proposed listing on BSE, NSE. Registrar: KFin Technologies.