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Founded in 2015, Turtlemint is a tech-enabled insurtech platform connecting insurance advisors, customers, and insurers, offering products across health, life, motor & general insurance.
Revenue Growth
Sotefin Bharat
| Companies Name | Open - Close | Issue Size | Min. Qty | Issue Price | Apply |
|---|---|---|---|---|---|
Sotefin Bharat SME | 16th Jul 2026 - 20th Jul 2026 | 89.76 Cr | 600 Shares | ₹ 178.00 | |
Caliber Mining & Logistics Mainboard | 17th Jul 2026 - 21st Jul 2026 | 450.00 Cr | 35 Shares | ₹ 402.00 |

Open Date
Jun 19, 2026
Close Date
Jun 23, 2026
Min Investment
₹14,896
Lot Size
98 Shares
Issue Size
₹882.67 Cr
Price Range
₹144 - ₹144
Listing Date
Jun 29, 2026
IPO Doc
RHP PDFCompany Valuation
Earning Expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.
The company will use ₹25.64 crore for the cloud and server-related infrastructure ₹193.04 crore for tech and product team salaries. The company will use ₹39.07 crore for marketing initiatives of the company. ₹43.08 crore for office costs and ₹128.64 crore for working capital. Part of the IPO proceeds will fund acquisitions, issue expenses, and general corporate purposes.
Capital expenditure
3.8%
Operating expenses
29.2%
Marketing expenses
5.9%
Lease payments and working capital
25.9%
General corporate purposes
35%
The company will use ₹25.64 crore for the cloud and server-related infrastructure
₹193.04 crore for tech and product team salaries.
The company will use ₹39.07 crore for marketing initiatives of the company.
₹43.08 crore for office costs and ₹128.64 crore for working capital.
Part of the IPO proceeds will fund acquisitions, issue expenses, and general corporate purposes.
Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).
In Cr.
| Key Performance Indicator | 30-Sep-25 (In Cr.) | 31-Mar-25 (In Cr.) | 31-Mar-24 (In Cr.) | 31-Mar-23 (In Cr.) |
|---|---|---|---|---|
| Revenue | 469.37 | 693.21 | 119.12 | 460.11 |
| EBITDA | ||||
| Expenses | ||||
| Profit After Tax | -125.15 | -194.11 | -193.35 | -288.18 |
| Assets | 472.67 | 578.69 | 612.55 | 900.37 |
| Net Worth | 329.95 | 410.46 | 563.80 | 743.45 |
| Reserves | ||||
| Borrowing | 0.00 | 0.00 | 0.00 | 0.00 |
Anand Rohidas Prabhudesai
Dhirendra Nalin Mahyavanshi
N/A
N/A
Turtlemint Fintech Solutions
The ORB – Sahar, 4B, 1st Floor, A Wing, Marol Village, Andheri (East), Mumbai, Maharashtra, 400099
64% of digital partners are still active five years after onboarding, and renewals produced commission income of ₹146 crore in 9MFY26, accounting for ~20% of total income. Premium per employee productivity increased from ₹0.86 crore in FY23 to ₹1.12 crore in 9MFY26.
The number of policy-issuing partners has grown at a CAGR of 52.56%, from 7,046 in FY20 to 79,943 in 9MFY26 through the network and learning-effect effect of compounding. 21.87 million policies have been issued till now since FY22; the company’s data moat enhances pricing and product development for every policy issued.
Most of the revenue comes from commissions paid by insurers. Regulatory changes have increased pressure, leading to a reduction in commission rates from insurance companies. The September 2025 GST exemption has already led to a reduction in commission rates.
Subsidiary TIB contributed 97% of consolidated revenue and remains unprofitable, with 77% of total costs spent on the high cost of acquiring partners digitally.
Besides the IRDAI regulatory risks in running the Turtlemint platform, it also has contingent liabilities of ₹51.20 crore in GST payments and a past cyber attack where stolen information was later found in FY23.