Daijiworld Media Network – Mumbai

Mumbai, Sep 7: Turtlemint Fintech Solutions Ltd, a Mumbai-based insurtech startup, has filed confidential papers with the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO).

The company said in a public announcement on Saturday that it has submitted the pre-filed draft red herring prospectus with Sebi and stock exchanges for the proposed listing of its equity shares on the main board.

ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors have been appointed as lead merchant bankers for the IPO, according to market sources.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint aims to simplify the purchase and management of insurance policies. The platform, backed by Amansa Capital, Jungle Ventures, and Nexus Venture Partners, has sold 1.6 crore policies through a network of over five lakh advisors.

By opting for the confidential pre-filing route, the company gains flexibility to withhold IPO details until later stages. This route has gained traction in India, with firms like Swiggy, Shadowfax, Shiprocket, Physics Wallah, Tata Capital, and Imagine Marketing (boAt) also choosing it recently.

Experts say the pre-filing mechanism allows firms up to 18 months after Sebi’s final comments to launch an IPO, compared to 12 months under the traditional process, and permits changes of up to 50 per cent in issue size at the updated DRHP stage.