| Event | Date |
|---|---|
| Open Date | 19-06-2026 , Friday |
| Close Date | 23-06-2026 , Tuesday |
| Tentative Allotment | 24-06-2026 , Wednesday |
| Tentative Listing Date | 29-06-2026 , Monday |
| Retail Appl. Cut Off Time | 23-06-2026 , Tuesday 05:00 PM |
| Non Retail Appl. Cut Off Time | 23-06-2026 , Tuesday 04:00 PM |
| Anchor Allotment | 18-06-2026 , Thursday |
| Initiation Of Refund | 25-06-2026 , Thursday |
| Credit Of Share To Demat | 25-06-2026 , Thursday |
Turtlemint Fintech Solutions Limited is a digital insurance and financial products distribution platform. The company operates mainly through its technology platform and a large network of Digital Partners, including PoSPs, who help customers understand, compare and buy insurance products.
| Particulars | Details |
|---|---|
| Company | Turtlemint Fintech Solutions Limited |
| Business | Digital insurance and financial products distribution platform |
| Main Platform | TurtlemintPro |
| Fresh Issue | Up to Rs. 6,607.22 million |
| Offer for Sale | Up to 14,601,846 equity shares |
| Listing | BSE and NSE |
| Designated Stock Exchange | NSE |
| Bid Opens | June 19, 2026 |
| Bid Closes | June 23, 2026 |
The company is not a traditional insurance company. It does not manufacture insurance policies. It acts as a technology-led distribution platform between customers, Digital Partners, Insurer Partners and other financial service providers.
Turtlemint's business model combines digital technology with assisted selling. This is important because insurance products are often complex. Many customers, especially in smaller towns and B30+ markets, need human guidance before buying insurance.
Turtlemint's main business is distribution of insurance and financial products through its platform. The company earns revenue mainly from commissions, rewards and fees received from Insurer Partners and other financial service providers.
Individuals and businesses looking for insurance and financial products.
Registered partners and PoSPs who help customers buy products through TurtlemintPro.
Insurance companies whose products are distributed through the platform.
Digital tools for onboarding, comparison, policy issuance, renewals and support.
Turtlemint's business model is mainly commission-led. The platform helps Digital Partners compare products, assist customers and complete policy issuance.
This creates a platform-led distribution model. The model can scale if the company grows its Digital Partner network, improves activation rate, increases product mix and manages commission costs.
Digital Partners are people registered on the TurtlemintPro platform to distribute insurance and financial products. They include PoSPs who have completed mandatory training and certification required under applicable insurance regulations.
TurtlemintPro is the company's digital platform for Digital Partners. It helps them manage insurance sales, customer leads, policy issuance and renewals.
Turtlemint Academy is the company's training platform for Digital Partners. Through this platform, Digital Partners get access to learning modules covering sales, product knowledge, customer relationship management and regulatory compliance.
As of December 31, 2025, Turtlemint worked with 45 Insurer Partners, including general insurers and life insurers. This helps the company offer a wide range of insurance products to Digital Partners and customers.
Turtlemint's revenue is heavily linked to insurance distribution, especially general insurance. Motor insurance is an important product category for the company.
Turtlemint has meaningful exposure to B30+ markets. These are markets beyond the top 30 cities by population.
Insurance penetration in smaller cities and towns remains underdeveloped compared to large urban markets. Customers in these markets often need assisted selling, local trust and explanation before purchasing insurance.
Turtlemint was incorporated in 2015. It launched TurtlemintPro in 2017 and Turtlemint Money in 2019. It also launched Turtlefin, its content and enterprise platform, in 2020.
The company acquired Turtlemint Insurance Broking Services Private Limited in 2024. This acquisition is very important because TIB is the core insurance broking subsidiary and contributes a major portion of the company's revenue.
| Particulars | 9M Dec 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue from Operations | Rs. 7,410.70 million | Rs. 6,627.12 million | Rs. 786.42 million | Rs. 4,199.17 million |
| Loss for the Period / Year | Rs. 1,873.89 million loss | Rs. 1,941.05 million loss | Rs. 1,933.48 million loss | Rs. 2,881.83 million loss |
| Net Cash Flow Used in Operating Activities | Rs. 1,753.07 million outflow | Rs. 2,158.08 million outflow | Rs. 2,416.66 million outflow | Rs. 2,859.16 million outflow |
| Net Worth | Rs. 2,956.82 million | Rs. 4,104.63 million | Rs. 5,638.00 million | Rs. 7,434.54 million |
Turtlemint's revenue profile has changed significantly due to regulatory changes and the acquisition of TIB.
Earlier, marketing fees were a large revenue source. However, after regulatory changes in the insurance sector, marketing fee income reduced sharply and ceased to be a major revenue source.
After the acquisition of TIB, income from distribution of financial products became the main revenue source. This means future performance will depend heavily on insurance distribution, commission income, Digital Partner productivity and insurer relationships.
A wide partner network gives the company strong distribution reach, especially in underpenetrated markets.
Partnerships with multiple insurers provide product variety and improve platform utility.
TurtlemintPro supports onboarding, product comparison, policy issuance, renewals and support.
Smaller cities and towns provide long-term insurance distribution growth potential.
Turtlemint Academy supports Digital Partner productivity and compliance awareness.
More partners, customers and insurers can increase the value of the platform over time.
The company has reported losses in recent periods and years.
Cash outflow from operations remains a key concern.
Digital Partner acquisition and retention costs are high and directly impact profitability.
Most revenue comes from commissions, rewards and fees. Any rate reduction can affect revenue.
The company has high dependence on general insurance and motor insurance.
IRDAI rules, commission norms, PoSP regulations, GST changes and expense limits can affect the business.
Turtlemint is a technology-led insurance distribution platform. It is not a normal finance company and not an insurance manufacturer. Its core strength is distribution.
The company's Digital Partner network is the heart of the business. Turtlemint uses technology to make these Digital Partners more productive. This is a powerful model because insurance in India still needs trust, explanation and assisted selling.
The positive side is clear. Insurance penetration in India is still low, especially in B30+ markets. Turtlemint has a large Digital Partner base, strong insurer partnerships, technology platform, training infrastructure and a growing distribution ecosystem.
However, investors should not ignore the risks. The company is still loss-making. Operating cash flow is negative. Digital Partner acquisition and retention cost is very high. Revenue is heavily dependent on commission income and general insurance. Regulatory changes can affect the business quickly.
Insurtech means use of technology in insurance. It includes online comparison, digital onboarding, digital issuance, renewals, claims support, analytics and partner management.
PoSP means Point of Sales Person. A PoSP is a certified person who can distribute certain insurance products as per insurance regulations.
A Digital Partner is a person registered on TurtlemintPro platform to distribute insurance or other financial products.
Platform Premium means total premium received on insurance policies issued or re-issued through the platform, excluding GST.
Commission income is the amount earned from insurers or financial service providers when products are sold through the platform.
B30+ markets refer to markets beyond the top 30 cities by population. These markets can offer long-term growth for assisted insurance distribution.
Assisted selling means a person helps the customer understand and buy a product. In insurance, this is important because policy terms can be complex.
A platform becomes stronger as more users join it. More partners can bring more customers, and more customers can attract more insurers.
Turtlemint Fintech Solutions Limited is one of the most interesting digital insurance distribution IPOs because it sits at the intersection of insurance, technology, assisted selling and B30+ market growth.
The business model has strong long-term potential if the company can improve operating leverage and reduce losses over time. Its large Digital Partner network, insurer partnerships and training platform are important positives.
However, retail investors should avoid applying only because the business sounds futuristic. The company is still loss-making and cash flow negative. Its revenue depends heavily on commissions and regulatory stability.
This content is prepared only for educational and informational purposes for IPORupee users. It is not investment advice, stock recommendation, IPO recommendation, research report, buy/sell/hold advice, or any form of financial advisory.
IPO investments involve market risk, business risk, valuation risk, regulatory risk, liquidity risk and listing risk. Investors should read the full RHP, risk factors, financial statements, objects of the offer, valuation details and consult a qualified financial advisor before making any investment decision.
We are not SEBI registered investment advisors.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 75.00 % | 4,35,52,800 | 662.00 Cr |
Retail | 10.00 % | 58,07,039 | 88.27 Cr |
Total HNI | 15.00 % | 87,10,559 | 132.40 Cr |
SHNI | 5.00 % | 29,03,520 | 44.13 Cr |
BHNI | 10.00 % | 58,07,039 | 88.27 Cr |
Turtlemint Fintech Solutions Ltd allotted 2,61,31,680 equity shares to anchor investors at ₹152 per share on 18 Jun 2026 before the IPO opening. The total anchor allocation stood at 397.20 Cr across 32 anchor investors.
Mutual funds received 1,11,06,668 shares worth 168.82 Cr, representing 42.50% of the total anchor investor allocation. Within the mutual fund portion, ICICI Prudential Mutual Fund had the highest fund-house level allocation with 29,44,116 shares worth 44.75 Cr across 1 scheme. Other leading fund houses by allocation included Mirae Asset Mutual Fund, Edelweiss Mutual Fund, Bank of India Mutual Fund and Bajaj Finserv Mutual Fund.
At scheme level, the largest mutual fund allocations included ICICI PRUDENTIAL EQUITY & DEBT FUND, MIRAE ASSET AGGRESSIVE HYBRID FUND, EDELWEISS TRUSTEESHIP CO LTD AC - EDELWEISS MF AC- EDELWEISS RECENTLY LISTED IPO FUND, BANK OF INDIA MID & SMALL CAP EQUITY & DEBT FUND and MIRAE ASSET MULTICAP FUND.
The largest anchor investor received 11.27% of the anchor portion. The top five anchor investors together received 1,08,60,164 shares, representing about 41.56% of the total anchor allocation.
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | ICICI PRUDENTIAL EQUITY & DEBT FUND | 29,44,116 | 11.27 % | 44.75 Cr |
| 2 | BNP PARIBAS FINANCIAL MARKETS - ODI | 20,38,792 | 7.80 % | 30.99 Cr |
| 3 | MIRAE ASSET AGGRESSIVE HYBRID FUND | 19,62,744 | 7.51 % | 29.83 Cr |
| 4 | BORDER TO COAST EMERGING MARKETS EQUITY FUND, A SUB FUND OF BORDER TO COAST AUTHORISED CONTRACTUAL SCHEME | 19,57,256 | 7.49 % | 29.75 Cr |
| 5 | EDELWEISS TRUSTEESHIP CO LTD AC - EDELWEISS MF AC- EDELWEISS RECENTLY LISTED IPO FUND | 19,57,256 | 7.49 % | 29.75 Cr |
| Rank | Mutual Fund Scheme | AMC | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|---|
| 1 | ICICI PRUDENTIAL EQUITY & DEBT FUND | ICICI Prudential Mutual Fund | 29,44,116 | 11.27 % | 44.75 Cr |
| 2 | MIRAE ASSET AGGRESSIVE HYBRID FUND | Mirae Asset Mutual Fund | 19,62,744 | 7.51 % | 29.83 Cr |
| 3 | EDELWEISS TRUSTEESHIP CO LTD AC - EDELWEISS MF AC- EDELWEISS RECENTLY LISTED IPO FUND | Edelweiss Mutual Fund | 19,57,256 | 7.49 % | 29.75 Cr |
| 4 | BANK OF INDIA MID & SMALL CAP EQUITY & DEBT FUND | Bank of India Mutual Fund | 11,36,898 | 4.35 % | 17.28 Cr |
| 5 | MIRAE ASSET MULTICAP FUND | Mirae Asset Mutual Fund | 9,81,372 | 3.76 % | 14.92 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 98 (1) | ₹ 14,896 |
Retail MAX | - | 1274 (13) | ₹ 1,93,648 |
SHNI MIN | - | 1372 (14) | ₹ 2,08,544 |
SHNI MAX | - | 6566 (67) | ₹ 9,98,032 |
BHNI MIN | - | 6664 (68) | ₹ 10,12,928 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | 4,34,68,552 | 660.72 Cr |
Offer for Sale | 1,46,01,846 | 221.95 Cr |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
ICICI Securities Limited | Rahul Sharma/ Ashik Joisar | +91 22 6807 7100 | turtlemint.ipo@icicisecurities.com | www.icicisecurities.com |
Jefferies India Private Limited | Akshat Shah / Hanu Bansal | +91 22 4356 6000 | Turtlemint.IPO@jefferies.com | www.jefferies.com |
JM Financial Limited | Prachee Dhuri | +91 22 6630 3030/ 3262 | turtlemint.ipo@jmfl.com | www.jmfl.com |
Motilal Oswal Investment Advisors Limited | Ritu Sharma/Shashank Pisat | +91 22 7193 4380 | turtlemint.ipo@motilaloswal.com | www.motilaloswal.com |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of Turtlemint Fintech Solutions Ltd. The issue is scheduled to open on Friday, 19 June 2026 and closes on Tuesday, 23 June 2026.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount offered to investors through the public issue.
For Turtlemint Fintech Solutions Ltd IPO, the total issue size is Rs 882.67 crore, consisting of a fresh issue of Rs 660.72 crore and an Offer for Sale (OFS) of Rs 221.95 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 144 per share and the upper price band is Rs 152 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Turtlemint Fintech Solutions Ltd IPO, the minimum lot size is 98 shares. At the upper price band of Rs 152 per share, the minimum application amount is Rs 14,896. Applications must be made in multiples of 98 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For Turtlemint Fintech Solutions Ltd IPO, the Fresh Issue size is Rs 660.72 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Offer for Sale (OFS) means existing shareholders sell their shares to the public through the IPO.
For Turtlemint Fintech Solutions Ltd IPO, the Offer for Sale (OFS) size is Rs 221.95 crore. In an OFS, the selling shareholders receive the money, and the company usually does not receive funds from that portion.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For Turtlemint Fintech Solutions Ltd IPO, the IPO opens on Friday, 19 June 2026.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
Turtlemint Fintech Solutions Ltd IPO closes on Tuesday, 23 June 2026.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For Turtlemint Fintech Solutions Ltd IPO, the tentative allotment date is Wednesday, 24 June 2026.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
Turtlemint Fintech Solutions Ltd IPO is expected to list on Monday, 29 June 2026.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For Turtlemint Fintech Solutions Ltd IPO, refund initiation is expected on Thursday, 25 June 2026, and credit of shares to demat accounts is expected on Thursday, 25 June 2026.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For Turtlemint Fintech Solutions Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI). The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In Turtlemint Fintech Solutions Ltd IPO, 75% shares are reserved under the QIB category, with 4,35,52,800 shares offered, and an allocation amount of ₹662.00 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In Turtlemint Fintech Solutions Ltd IPO, 10% shares are reserved under the Retail category, with 58,07,039 shares offered, and an allocation amount of ₹88.27 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In Turtlemint Fintech Solutions Ltd IPO, 15% shares are reserved under the NII/HNI category, with 87,10,559 shares offered, and an allocation amount of ₹132.40 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In Turtlemint Fintech Solutions Ltd IPO, 5% shares are reserved under the SHNI sub-category, with 29,03,520 shares offered, and an allocation amount of ₹44.13 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In Turtlemint Fintech Solutions Ltd IPO, 10% shares are reserved under the BHNI sub-category, with 58,07,039 shares offered, and an allocation amount of ₹88.27 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Turtlemint Fintech Solutions Ltd IPO, the minimum lot size is 98 shares. At the upper price band of Rs 152 per share, the minimum application amount is Rs 14,896. Applications must be made in multiples of 98 shares.
Retail minimum application shows the minimum application size for retail investors.
For Turtlemint Fintech Solutions Ltd IPO, the Retail minimum application is 98 shares (1 lot) for about Rs 14,896.
Retail maximum application shows the maximum application size generally available under the retail category.
For Turtlemint Fintech Solutions Ltd IPO, the Retail maximum application is 1,274 shares (13 lots) for about Rs 1,93,648.
SHNI minimum application shows the minimum application size for the Small HNI category.
For Turtlemint Fintech Solutions Ltd IPO, the SHNI minimum application is 1,372 shares (14 lots) for about Rs 2,08,544.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For Turtlemint Fintech Solutions Ltd IPO, the SHNI maximum application is 6,566 shares (67 lots) for about Rs 9,98,032.
BHNI minimum application shows the minimum application size for the Big HNI category.
For Turtlemint Fintech Solutions Ltd IPO, the BHNI minimum application is 6,664 shares (68 lots) for about Rs 10,12,928.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.