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Turtlemint Fintech Solutions Ltd IPO
Turtlemint Fintech Solutions Ltd
₹14,112 /98 sharesMinimum investment
IPO details
Subscription rate
Data will be available soon
Schedule
19 Jun 2026
IPO open date
23 Jun 2026
IPO close date
24 Jun 2026
Allotment date
24 Jun 2026
Funds unblock or debit
29 Jun 2026
Tentative listing date
About
Founded in
2015
MD/CEO
Mr Dhirendra Nalin Mahyavanshi
Parent organisation
Turtlemint Fintech Solutions Ltd
Turtlemint Fintech Solutions Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to operate the largest registered Point of Sale Person (PoSP) distribution network among its peer group as of March 31, 2025 and December 31, 2025. As of December 31, 2025, its network was present across 19,171 pin codes in India and accounted for approximately 15.97% of the country’s PoSP base in FY25, according to the Redseer Report.
The company has built a significant presence in B30+ markets (areas outside the top 30 cities by population). As of December 31, 2025, around 80.09% of its Digital Partners were based in these markets, while 75.13% of its platform premium was generated from these regions, giving it exposure to areas expected to witness faster insurance adoption.
The company claims to have built a diversified network of 631,885 Digital Partners as of December 31, 2025, supported by 81 physical branches and its training platform, Turtlemint Academy. The Digital Partner base grew at a CAGR of 33.57% from 119,643 in March 2020, helping the company reduce dependence on a limited set of distributors.
As of December 31, 2025, the company had partnerships with 45 insurance companies, representing approximately 75% of all life and general insurers in India, according to the Redseer Report. This allows its Digital Partners to offer customers a broad range of insurance products across multiple insurers rather than being dependent on a few providers.
The company claims to have developed multiple proprietary platforms, including Turtlemint Pro, Turtlemint Academy, Insurance Hub, Turtlefin, OneAPI, and Ninja CRM. These platforms support advisor onboarding, training, policy issuance, claims management, enterprise integrations, and insurer product launches through a single ecosystem.
The company reports relatively high retention levels among its certified Digital Partners, with 69.46% remaining active two years after onboarding and 64.04% remaining active after five years. It also generates a meaningful portion of its revenue from policy renewals, with renewal commission revenue contributing over 21% of proforma revenue from operations in FY25.
The company has incurred losses of Rs 187.39 crore, Rs 154.66 crore, Rs 194.10 crore, Rs 193.35 crore, and Rs 288.18 crore in the nine months ended December 31, 2025, December 31, 2024, and FY25, FY24, and FY23, respectively. It also reported negative cash flow from operating activities of Rs 175.31 crore, Rs 163.41 crore, Rs 215.81 crore, Rs 241.67 crore, and Rs 285.92 crore during the same periods. If the company is unable to generate sufficient revenue growth or control its expenses, it may continue to incur losses and negative cash flows, which could adversely affect its financial condition and operations.
The company derives a significant portion of its revenue from general insurance companies, which contributed Rs 691.16 crore (93.27%) and Rs 358.47 crore (87.20%) of revenue from operations in the nine months ended December 31, 2025, and December 31, 2024, respectively. On a proforma basis, general insurance companies contributed Rs 617.67 crore (88.21%), Rs 447.67 crore (79.35%), and Rs 382.33 crore (71.07%) in FY25, FY24, and FY23, respectively. Any loss of relationships with general insurance companies, constraints on the sale of general insurance products, particularly motor insurance, or failure to diversify its revenue mix could adversely affect the company’s business and financial performance.
The company acquired Turtlemint Insurance Broking Services Private Limited (TIB) from one of its promoters with effect from May 8, 2024, and therefore does not have a long consolidated operating history through which its overall performance can be evaluated. TIB contributed 97.37% and 104.44% of revenue from operations in the nine months ended December 31, 2025, and December 31, 2024, respectively, and 96.32%, 89.52%, and 29.10% of proforma revenue from operations in FY25, FY24, and FY23, respectively. If TIB is unable to sustain its performance or generate the expected returns, it could adversely affect the company’s business, financial condition, and future growth prospects.
The company’s business model is heavily dependent on its network of Digital Partners, and the cost of acquiring and retaining these partners remains substantial. The cost of acquiring and retaining Digital Partners stood at Rs 682.59 crore (77.45% of total expenses) and Rs 395.75 crore (67.50% of total expenses) in the nine months ended December 31, 2025, and December 31, 2024, respectively, and Rs 651.30 crore (69.98%), Rs 526.60 crore (66.61%), and Rs 598.89 crore (69.59%) of total expenses in FY25, FY24, and FY23, respectively. Any inability to attract, retain, and engage Digital Partners cost-effectively could adversely affect the company’s growth, profitability, and financial performance.
The company derives a significant portion of its revenue from a limited number of insurer partners. The top 10 insurer partners contributed Rs 537.00 crore (72.47%) and Rs 271.02 crore (65.91%) of revenue in the nine months ended December 31, 2025, and December 31, 2024, respectively, and Rs 483.06 crore (68.98%), Rs 330.44 crore (58.57%), and Rs 323.92 crore (60.21%) of revenue in FY25, FY24, and FY23, respectively. If the relationship sours with any of these insurer partners or agreements are not renewed on favourable terms, it could adversely affect the company’s business and financial performance.
The company is subject to periodic inspections and regulatory oversight by the Insurance Regulatory and Development Authority of India (IRDAI) and the Association of Mutual Funds in India (AMFI). In the past, its subsidiary Turtlemint Insurance Broking Services Private Limited (TIB) received observations, advisories, and a show-cause notice from IRDAI relating to compliance matters, although no monetary penalties were imposed. Any future adverse findings, penalties, or regulatory actions could negatively impact the company’s business, reputation, and financial condition.
The company, its subsidiary, directors, promoter, and key managerial personnel are involved in certain outstanding legal proceedings. Any adverse judgment or unfavourable outcome in these matters could affect the company’s reputation, business operations, financial condition, and future growth prospects.
The company derives a significant portion of its Platform Premium from Maharashtra and Gujarat. These two states collectively contributed Rs 616.47 crore (27.92%) and Rs 467.41 crore (30.12%) of Platform Premium in the nine months ended December 31, 2025, and December 31, 2024, respectively, and Rs 689.91 crore (30.12%), Rs 601.60 crore (33.34%), and Rs 563.80 crore (31.39%) in FY25, FY24, and FY23, respectively. Any adverse social, political, economic, regulatory, or natural developments in these states could disrupt the company’s operations, customer acquisition, and insurer relationships, which may adversely affect its business and financial performance.
The company has contingent liabilities amounting to Rs 57.42 crore as of December 31, 2025, comprising GST-related claims of Rs 51.20 crore and income tax-related claims of Rs 6.22 crore. If any of these contingent liabilities materialise or the ongoing tax disputes are decided against the company, it could adversely affect its financial condition and profitability.
As of April 30, 2026, the company had outstanding borrowings of Rs 50 crore, comprising secured non-convertible debentures. Failure to service or repay these borrowings on time could hurt the company’s financial condition, liquidity position, and business operations.
Application details
For Turtlemint Fintech Solutions IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹144 - ₹152 | Upto ₹2 Lakhs | 98 |
| High Networth Individual | ₹144 - ₹152 | ₹2 - ₹5 Lakhs | 98 |