Turtlemint receives SEBI nod for IPO
The Mumbai-based fintech company, founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, connects financial advisors with insurance customers. It serves a network of over 500,000 advisors and has facilitated the sale of 1.6 crore policies, the company claims.
According to regulatory filings, Turtlemint filed for its IPO using a confidential pre-filing route, which allows companies to submit documents to SEBI while keeping draft prospectuses private during initial review stages.
SEBI observations represent a key regulatory checkpoint in India’s IPO process, confirming that the draft red herring prospectus (DRHP) meets disclosure standards after review. SEBI examines the DRHP for completeness and compliance, issuing an observation letter typically within 30 days of clarifications from lead managers.
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Before founding Turtlemint, both co-founders worked at Quikr. Mahyavanshi previously worked at ICICI Lombard in the insurance sector, while Prabhudesai—an IIT Bombay graduate—gained experience working at Nokia and Yahoo. Their combined background in insurance and technology informed their understanding of pain points in the insurance industry.
The co-founders identified that insurance advisors and agents relied on outdated pen-and-paper methods, making customer onboarding slow and inefficient. They recognised that agents lacked digital tools to streamline their work. This observation led them to build technology solutions specifically designed to help insurance advisors digitise their operations.
Turtlemint operates through an app, providing advisors access to insurance product information, training modules, and masterclasses. It has digitised training, licensing, and verification processes. The company also offers SaaS solutions to financial institutions.
ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors have been appointed as merchant bankers for the offering.
Edited by Suman Singh
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