Turtlemint Preps $250mn IPO in '25

Insurtech startup Turtlemint is in discussions with four bankers to launch an initial public offering (IPO) this year, three people aware of the development said.

- Priyamvada C. & Mansi Verma

The company, backed by leading investors such as Jungle Ventures and Peak XV Partners, is in talks with Motilal Oswal, ICICI Securities, JM Financial and Jefferies to help manage the IPO, one of the three people said. It aims to file draft IPO papers in two months and list on the stock exchanges by October, the person said on the condition of anonymity.

"The company plans to raise $200-250 million through the IPO," said a second person.

Turtlemint Insurance Services Pvt. Ltd last raised $120 million in April 2022, in a funding round that valued it at around $900 million. The 10-year-old startup helps people easily compare and buy insurance online, and provides tools for insurance advisors to help their clients.

Queries sent to Motilal Oswal, ICICI Securities, JM Financial and Jefferies remained unanswered. Turtlemint declined to comment.