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Learn about Turtlemint Fintech Solutions Limited’s Updated Draft Red Herring Prospectus (UDRHP-I), issue structure, business model, financial scale indicators and key regulatory milestones in its IPO journey.
Turtlemint Fintech Solutions Limited IPO update: Turtlemint Fintech Solutions Limited, a technology-enabled insurance and financial products distribution platform, has filed its Updated Draft Red Herring Prospectus – UDRHP-I – with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering. The company had earlier used SEBI’s confidential pre-filing mechanism and has now moved to the public draft stage. The proposed issue combines a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders.
Turtlemint initially submitted a pre-filed Draft Red Herring Prospectus with SEBI and the stock exchanges on September 4, 2025, under the confidential pre-filing route to raise up to ₹2,000 crore. Following regulatory feedback from SEBI, the company filed its Updated Draft Red Herring Prospectus – UDRHP-I – with SEBI on January 28, 2026. The filing appears under SEBI’s “Public Issues: Draft Offer Documents filed with SEBI” dated February 4, 2026.
The DRHP provides an overview of the proposed IPO and sets out the company’s financials, governance framework, and business outlook.
The IPO filing of Turtlemint Fintech Solutions Limited marks its transition from a confidential draft submission to a publicly disclosed draft offer document. As per the UDRHP-I, the proposed public issue comprises a fresh issue of equity shares aggregating up to approximately ₹660.7–₹660.72 crore and an offer for sale of up to 2,86,08,992 equity shares by existing shareholders, including venture and growth investors. The combined proposed issue size is around ₹2,000 crore.
The equity shares are proposed to be listed on National Stock Exchange of India Limited and BSE Limited, subject to regulatory approvals and completion of the book-built issue process. Key details such as the price band, minimum lot size, and final issue size in rupee terms will be disclosed in subsequent filings, including UDRHP-II and the Red Herring Prospectus (RHP), closer to the IPO opening date.
As per the UDRHP-I, the proposed IPO is expected to comprise the following components:
| Particulars | Details |
|---|---|
Issue Type |
Book-built issue |
Fresh Issue |
Up to approximately ₹660.7–₹660.72 crore |
Offer for Sale |
Up to 2,86,08,992 equity shares |
Total Issue Size |
Around ₹2,000 crore (approximate) |
Proposed Listing |
NSE and BSE |
Price Band |
To be announced in later filings |
Lot Size |
To be disclosed |
Final Issue Size |
To be determined after price discovery |
These details reflect indicative disclosures available at the DRHP stage and are subject to change based on SEBI observations and final approvals.
Turtlemint Fintech Solutions Limited operates as an insurtech and fintech platform that connects customers, point-of-sale partners (POSPs) and insurance companies through a digital ecosystem.
The company distributes health, motor and life insurance products of multiple insurers. It also facilitates access to other financial products such as mutual funds and loan or credit products. Turtlemint follows an asset-light, partner-led distribution model. It earns commission and service fee income from insurers and financial partners rather than charging customers directly.
Its platform integrates digital onboarding, comparison tools, product comparison and selection tools, policy issuance systems and post-sale service capabilities. As of September 30, 2025, the company had onboarded over 6,03,000 digital partners and facilitated the distribution of approximately 19.68 million insurance policies across health, life and motor segments. These figures highlight its operational scale in India’s insurance distribution ecosystem.
According to UDRHP-I disclosures, the net proceeds from the fresh issue are proposed to be utilised towards the following key objectives:
| Fund Allocation | Amount (₹ crore) | Purpose |
|---|---|---|
Cloud and Server Infrastructure |
Not specified |
Enhancing platform scalability, reliability, and data security |
Employee Costs – Technology & Product Teams |
Not specified |
Supporting salaries for teams focused on platform development and innovation |
Marketing Initiatives |
Not specified |
Expanding brand visibility and growing advisor and customer base |
Lease Payments |
Not specified |
Meeting lease obligations for company and subsidiary properties |
Investment in Subsidiary (TIB) |
Not specified |
Funding working capital requirements of the subsidiary |
Inorganic Growth & General Corporate Purposes |
Balance |
Supporting acquisitions, strategic initiatives, and permitted corporate uses |
These allocations relate to the proposed utilisation of proceeds from the fresh issue portion, while the offer for sale component is intended to provide liquidity to existing shareholders and does not result in proceeds to the company.
The UDRHP-I and related disclosures focus primarily on operational scale indicators in public summaries, while detailed financial statements are available in the full draft document.
Key scale metrics include:
| Metric | Period / As of | Value | Notes / Highlights |
|---|---|---|---|
Number of policies facilitated |
As of September 30, 2025 |
19.68 million |
Cumulative policies across health, life and motor insurance segments |
Number of digital partners / advisors |
As of September 30, 2025 |
6,03,302 |
Large partner-led distribution network across India |
Network reach |
FY2023–FY2025 (earlier periods) |
Over 4 lakh POSPs across 19,000+ pin codes |
Indicates wide geographical penetration |
*Detailed year-wise financial statements, including audited figures, are available in the DRHP and should be referred to for complete financial information.
Turtlemint’s IPO journey has progressed through multiple regulatory stages:
| Milestone / Stage | Date (or Status) | Details |
|---|---|---|
Pre-filed DRHP (confidential) submitted to SEBI |
September 4, 2025 |
Filed via confidential route to raise up to approximately ₹2,000 crore |
SEBI observations on pre-filed DRHP |
December 2025 (reported) |
Company completed SEBI’s confidential review process |
UDRHP-I filed with SEBI |
January 28, 2026 |
Public draft filed detailing fresh issue of about ₹660.7 crore and OFS of up to 28.6 million shares |
UDRHP-I listed on SEBI “Public Issues” page |
February 4, 2026 |
Reflected under draft offer documents filed with SEBI |
UDRHP-I public feedback window |
21 days from filing |
Open for public comments before next updated draft |
Filing of UDRHP-II & RHP |
To be announced |
Final issue details including price band and lot size to be disclosed |
IPO Opening Date |
Not yet announced |
To be declared after regulatory clearance and finalisation of schedule |
IPO Closing Date |
To be announced |
Will be notified along with opening date |
Listing on NSE/BSE |
To be announced |
Proposed listing on both exchanges post allotment and completion of formalities |
Note: Investors should refer to official filings for final IPO dates to learn more about company’s IPO listing details and price, and listing timelines.
Check other upcoming ipo’s here : Upcoming IPO
This content is for informational purposes only and the same should not be construed as investment advice. Bajaj Finserv Direct Limited shall not be liable or responsible for any investment decision that you may take based on this content.
Sources
LiveMint — IPO News and Updates, https://www.livemint.com/market/ipo
Economic Times — IPO News: Latest IPO News, Upcoming IPO, https://economictimes.indiatimes.com/markets/ipo
Financial Express — IPO News, https://www.financialexpress.com/market/ipo-news/
NDTV Profit — IPOs, https://www.ndtvprofit.com/ipos
Business Today — IPO Corner: Latest IPO News & Analysis, https://www.businesstoday.in/markets/ipo-corner
Turtlemint Fintech Solutions Limited IPO filed with SEBI under the confidential pre-filing route on September 4, 2025. It subsequently filed its Updated Draft Red Herring Prospectus (UDRHP-I) with SEBI on January 28, 2026, following SEBI’s observations.
As per UDRHP-I, the IPO comprises a fresh issue of equity shares aggregating up to about ₹660.7–₹660.72 crore and an offer for sale of up to 2,86,08,992 equity shares by existing shareholders. The total proposed issue size is around ₹2,000 crore.
Turtlemint is an insurtech and fintech platform that distributes health, motor and life insurance products and facilitates mutual funds and loan products through a digital, partner-led model. It earns commissions and service fees from insurers and financial partners and operates through a large network of digital partners across India.
The main objectives include investment in cloud and server infrastructure, technology and product development teams, marketing initiatives, lease payments, investment into its subsidiary TIB for working capital, and funding inorganic growth and general corporate purposes.
The equity shares are proposed to be listed on NSE and BSE, subject to regulatory approvals. The IPO opening and closing dates, along with the price band and lot size, will be announced in subsequent filings and official notices once regulatory review is complete.
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