Turtlemint Fintech Solutions IPO

About the company

Founded in 2015, Turtlemint Fintech Solutions is a technology-driven insurance distribution platform that connects customers, insurance advisors, also known as Digital Partners, and insurance companies. The company adopts a "phygital" approach by combining technology with human advice. Its business has grown considerably over the last few years. The total premium generated on its platform, grew from ₹698.90 crore in FY20 to ₹2,945 crore in FY25 on a CAGR of 33.3%. The platform sold around 2.187 crore insurance policies and provided total premiums generated of over ₹10,066 crore during the period April 2022 to December 2025. It operates as one of the largest insurance distribution networks nationwide, with a wide reach of 19,171 pincodes, which account for almost 98% of all pincodes in India. As of December 2025, Turtlemint has already on-boarded over 631,000 digital partners to its platform, including 507,124 certified PoSPs. It continues to expand its advisor network. It had onboarded 99,000+ digital partners in FY25 and ~87,913 digital partners in 9MFY26. It also has a decent network of actively transacting partners, which on average was 79,943 during 9MFY26 versus 59,244 in 9MFY25. Approximately 80% of Turtlemint's digital partners are based in B30+ markets; these markets contributed nearly 75% of the company's platform premiums in 9MFY26. The company is in partnership with 45 insurance companies for life and general insurance products, covering approximately 75% of all insurance companies in India. It makes revenue through commissions, incentives and fees received from insurance companies. Generally, the partnerships are on a long-term basis with an average term of 3-10 years. Twelve insurance companies had generated more than ₹100 crore in premiums on Turtlemint's platform in FY25. The company's premium generation is also reasonably diversified, with the top 10 insurer partners accounting for about 57% of Platform Premium during the year. The company’s platform includes a complete advisory app for advisors (The Turtlemint Pro app), a training and certification platform for advisors (The Turtlemint Academy), a digital relationship management app for insurers (The Ninja SalesPro), and multiple cloud-based tools that help insurers issue policies and connect with Turtlemint. In FY25, Turtlemint issued over 509,000 policies per month while expanding to 614,365 policies per month in 9MFY26. The Turtlemint Pro app had approximately 158,000 average monthly active users in FY25 and 179,625 in 9MFY26. In addition to all of these tools, the company is also expanding its technology capabilities through Turtlefin, a digital insurance platform that allows banks, fintech companies, e-commerce businesses, and foreign customers to digitally sell insurance products. Turtlemint acquired Turtlemint Insurance Broking Services Private Limited (TIB), an IRDAI licensed composite insurance broker, which enhances Turtlemint's capacity for working in direct insurance broking, as well as reinsurance broking. Turtlemint made the initial purchase of 75.14% of TIB for ₹104.91 crore in May 2024 and increased the stake to 100% through a buyback transaction in September 2024. Digital partners who joined the platform in FY20 have increased their aggregate earnings by 2.8x from their original levels as of FY25. 69% of partners are still active 2 years after onboarding, and 64% of partners are still transacting five years after onboarding, which shows retention remains strong. Renewal commissions are also becoming a main revenue source for Turtlemint, which accounted for 21.2% of proforma revenue in FY25 versus 5.9% in FY23. Employee productivity has improved, with premium per employee increasing from ₹0.86 crore in FY23 to ₹1.25 crore in FY25. The Indian market provides a tremendous opportunity for Turtlemint since India is one of the least mature insurance markets in the world. Insurance penetration was at around 3.7% of GDP in India in 2024, versus the substantially larger penetration in mature markets like the USA (12.1%) and UK (11.8%). Individual insurance spending in India is also expected to grow steadily over the next few years. The total value of the Indian digital retail insurance distribution market in FY25 was ~₹3.1 lakh crore, and it is expected that this amount will rise to between ₹5.3 lakh crore and ₹5.8 lakh crore by FY30. Digital-first brokers of insurance have been experiencing strong growth in the last 5 years and should continue to provide healthy levels of growth for at least the next 5 years. Demand for insurance in B30+ markets is expected to have a much larger growth rate than in the major cities; hence, Turtlemint has a very strong presence within these types of areas, and this presents a significant growth path for Turtlemint in the near-term and long-term. Now, Turtlemint Fintech Solutions Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹661 crore and an Offer for sale of ₹222 crore only. The total issue size of the IPO is ₹883 crore. Its shares will be listed on the NSE and BSE. ### **How to pre-apply for Turtlemint Fintech Solutions IPO?** You can pre-apply for Turtlemint Fintech Solutions IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Turtlemint Fintech Solutions IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ### **How to apply for Turtlemint Fintech Solutions IPO?** If you are interested in this investment opportunity but unsure how to apply for Turtlemint Fintech Solutions IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Turtlemint Fintech Solutions IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Turtlemint Fintech Solutions IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ### **How to check the Turtlemint Fintech Solutions IPO allotment status? ** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the Turtlemint Fintech Solutions IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your Turtlemint Fintech Solutions IPO allotment status will be mentioned

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   19 Jun 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   23 Jun 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   24 Jun 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   25 Jun 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   25 Jun 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   29 Jun 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.