Turtlemint’s Loss Jump 19% YoY To ₹185 Cr Ahead Of D-Street Debut

Turtlemint is on track to make its public markets debut amid growing losses. The insurtech company, whose IPO will open for public subscription on Friday (June 19), recorded a 21% jump in its net loss to ₹184.7 Cr in the first nine months of FY26 (9M FY26) from a net loss of ₹154.7 Cr in the same period in FY25. 

While the loss before exceptional items and tax stood at ₹132.5 Cr, Turtlemint’s RHP disclosed an exceptional expense of ₹54.9 Cr in the period under review, attributed to IPO-related costs and expenses linked to financial instruments. 

The company’s top line increased 80% YoY to ₹741.1 Cr in the first three quarters of FY26 from ₹411.1 Cr in 9M FY25. Including other income of ₹7.9 Cr, Turtlemint’s total income for the period stood at ₹748.9 Cr.

Founded in 2015 by Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, Turtlemint operates as an insurance distribution platform, connecting consumers with insurers through a network of financial advisors for car, bike, health, and term life insurance.

Its core strategy involves empowering a network of more than 5 Lakh insurance advisors via its TurtlemintPro app. These advisors use digital tools to manage sales, renewals and claims.

Instead of building an online insurance marketplace, Turtlemint focuses on empowering insurance advisors with digital tools, on which it charges a commissioner. Under this model, Turtlemint earns revenue from the distribution of financial products. 

The commissions, rewards and fees received from insurer partners and other financial service providers accounted for 98.91% (₹733 Cr) of the company’s total revenue in the period under review. 

Additionally, Turtlemint also runs a SaaS platform called Turtlefin,  which offers technical and other support services to insurer partners and enterprise clients. This subsidiary offers digital platforms and APIs to help banks, brokers, and ecommerce platforms manage the sale of their insurance products.

The company’s income from “technical and support services” declined 35% YoY to ₹ 8.1 Cr. 

A Look At Turtlemint’s Expenses

On the expense front, Turtlemint spent a total of ₹881.4 Cr in the period under review from ₹586.3 Cr in the same period last year. Here are the key expenses of the company for 9M FY26:

Employee Benefit Expense: These expenses jumped 11.9% YoY to ₹183.1 Cr till December quarter of FY26 from ₹163.7 Cr in the same period of FY25.

Commission expense: This expense head counts commissions paid to digital partners for the sale and distribution of insurance and other financial services products through its platform. The expenses jumped 91.3% YoY to ₹583.2 Cr in 9M FY26 from ₹304.8 Cr in the same period last year

Advertising And Marketing Cost: The expense under this category jumped 8.4% to ₹52.9 Cr in the period under review from ₹48.8 Cr in 9M FY25.

Turtlemint’s Public Market Debut

Opening on June 19, the company’s IPO is likely to close on June 23. The price band for the IPO is set at ₹144-152, valuing the company at about ₹4,513 Cr (about $475 Mn) at the upper end.

The company has maintained the fresh issue portion of its IPO at ₹660.7 Cr.

Turtlemint plans to use the funds to strengthen its tech team, insurance broking services, and cloud related infrastructure. 

Around ₹193 Cr from the fresh proceeds would be used to grow the company’s tech teams over the next three fiscal years. It intends to invest ₹128.6 Cr in its insurance broking arm and up to ₹25.64 Cr of the for meeting its expenditure towards cloud and server related infrastructure under an agreement with a vendor.

However, the offer-for-sale (OFS) component has been reduced by 49% to 1.46 Cr equity shares from the 2.86 crore shares proposed in its UDRHP. 

Several existing investors in Turtlemint, including Peak XV Partners, Blume Ventures, Nexus Venture Partners, and Kunal Shah, will partially dilute their stakes through the IPO.

The OFS component will also see participation from Turtlemint’s cofounders, who will sell a portion of their shareholdings. 

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