Indian stock exchange trading floor during an insurtech company's IPO.
Shares of insurtech startup Turtlemint experienced a subdued market entry today, listing at ₹134.90 on the National Stock Exchange (NSE), an 11.25% discount to its issue price of ₹152. The stock also opened lower on the Bombay Stock Exchange (BSE), trading at ₹136.2, a 10.4% discount.
The company, which had set its IPO price band between ₹144 and ₹152, saw its stock further decline, trading at ₹135.65 on the BSE as of 10:01 IST. Turtlemint’s market capitalization stood at approximately ₹3,986 crore ($422.5 million) at that time.
The IPO, a combination of a fresh issue of ₹660.7 crore and an offer-for-sale (OFS) of up to 1.46 crore shares, was oversubscribed 1.2 times. Among the selling shareholders, Peak XV Partners realized ₹66.2 crore by divesting 43.56 lakh shares at the issue price, reportedly achieving a 7.2x return on its initial investment. Other notable selling shareholders included Blume Ventures, Nexus Partners, GGV, Hummingbird, and the company’s co-founders Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi.
Prior to the public offering, Turtlemint secured ₹397.2 crore from anchor investors, including Societe Generale, 360 One, Amansa Holdings, BNP Paribas, and Citi Group.
Founded in 2015, Turtlemint operates an insurance distribution platform that connects consumers with insurers through a network of financial advisors, offering products for car, bike, health, and term life insurance.
The company intends to utilize the proceeds from the fresh issue to enhance its technology infrastructure, support product development, fund marketing initiatives, manage working capital, and explore inorganic growth opportunities.
Financially, Turtlemint reported a net loss of ₹187.3 crore for the first nine months of FY26, a nearly 20% increase from ₹154.7 crore in the same period last year. However, its revenue saw an 80% jump to ₹741.1 crore in the first three quarters of FY26, compared to ₹411.1 crore in the corresponding period of FY25.
Turtlemint is the seventh new-age tech company to go public in 2026, following listings by Kissht, SEDEMAC, Aye Finance, and Fractal earlier in the year.
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