Turtlemint
Mumbai, IN · Founded 2015 · 2,652 employees on LinkedIn · Public · 8 known investors
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Turtlemint operates a digital insurance platform in India, offering an advisor app (TurtlemintPro) for POSP agents to sell insurance, mutual funds, loans and other financial products, plus a consumer app for managing policies. Through Turtlefin, it provides embedded insurance APIs and SaaS solutions to banks, NBFCs, insurers and e-commerce companies.
Also known as Fintech Blue Solutions Private Limited · Turtlefin · Turtlemint Fintech Solutions Limited · Turtlemint Fintech Solutions Private Limited · TurtlemintPro
Founders & leadership
Turtlemint was founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai.
Investors · 8
Company profile
researched Aug 2026Turtlemint, operated by Turtlemint Fintech Solutions Limited (formerly Turtlemint Fintech Solutions Private Limited and, before that, Fintech Blue Solutions Private Limited), is a tech-enabled insurance distribution platform in India that connects customers, insurance advisors and insurers. Its consumer-facing site lets users compare and buy health, car, bike and life insurance and other financial products, and its consumer app provides policy storage, claims assistance and renewal reminders. The company reports 1.6 crore+ policies sold, more than 5 lakh advisors and 42 insurer relationships.
The advisor-facing product, TurtlemintPro, is a mobile and desktop application through which point-of-sale person (PoSP) advisors sell insurance, mutual funds, loans and other credit and investment products. It offers online quotes from 40+ general and life insurers, paperless policy issuance, lead-generation and marketing tools for channels such as WhatsApp and SMS, renewal management, commission payouts, a dedicated relationship manager and training content including 500+ videos, live webinars and classroom sessions. A separate business line, Turtlefin, supplies embedded insurance and SaaS solutions — including API platforms that let insurers launch products digitally in under 30 days — to banks and NBFCs, insurers and e-commerce companies.
The company's stated mission is to improve access to insurance and investment products through community-based financial advisors, with a vision of every Indian being financially secured with the right insurance and investment products.
Business model
Turtlemint distributes insurance and other financial products through a network of certified PoSP advisors who use the TurtlemintPro app, while also selling directly to consumers online and licensing embedded insurance technology and SaaS to enterprise partners through Turtlefin. Revenue has historically been concentrated in commission income, reported at roughly 90-95% of revenue, with marketing fees paid by insurers previously a major source; general insurance accounted for 92.46% of revenue and the top 10 insurer relationships for 74.51%. Partner acquisition costs represented 76% of total expenses in FY25.
Commissions and marketing/service fees earned on insurance and financial products distributed via advisors and digital channels, plus enterprise technology offerings under Turtlefin.
Traction
The company reports 1.6 crore+ policies sold, over 5 lakh advisors and 42 insurers on the platform. Platform premium grew from Rs 6,989.02 million in Fiscal 2020 to Rs 29,459.36 million in Fiscal 2025 (33.34% CAGR) and rose 34.59% to Rs 15,903.79 million in the six months ended September 30, 2025 from Rs 11,816.89 million a year earlier. Revenue was approximately Rs 662.7 crore in FY25 versus Rs 505.05 crore in FY24.
Latest developments
Turtlemint Fintech Solutions Limited filed a prospectus dated June 23, 2026 with the Registrar of Companies, Mumbai and SEBI, BSE and NSE for an IPO of Re 1 face value equity shares, with ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors as book running lead managers. The offering comprised a fresh issue of about Rs 6,607 million alongside a substantial offer for sale of 28.6 million shares by investors including Peak XV Partners, Nexus Venture Partners, Jungle Ventures, Blume Ventures and Kunal Shah, plus 4.3 million promoter shares; the company sought a valuation of $1.3-1.5 billion. IPO proceeds were earmarked for technology infrastructure, employee costs, marketing, working capital for TIB and potential acquisitions. The shares traded at Rs 153.64 on the NSE/BSE as of August 27, 2026.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
Turtlemint states it was the first to adopt the PoSP distribution model in India in 2015 and, per a commissioned Redseer report, had the largest certified PoSP network among its peer group as of March 31, 2025 and September 30, 2025, with platform premium growth outpacing the broader retail insurance market. It competes in an Indian insurtech market whose valuations have been cited at over $15.8 billion, against players such as PB Fintech (Policybazaar), which reports stronger profitability.
The company positions itself on being the first adopter of the PoSP distribution model in India in 2015 and on the scale of its certified advisor network, combined with an integrated stack spanning a consumer marketplace, an advisor app covering insurance, mutual funds and loans with training and payout tooling, and embedded insurance APIs for enterprises.
Technology
Digital quoting and policy issuance systems aggregating 40+ general and life insurers, an advisor app with CRM, marketing, commission-tracking and training modules, a consumer app for policy management and claims, and Turtlefin's embedded insurance APIs enabling partners to launch digital insurance products in under 30 days.
Go-to-market
Distribution is anchored on recruiting and training community-based PoSP advisors who sell within their local markets, supported by in-app training, marketing collateral and relationship managers; complemented by direct online consumer acquisition and enterprise partnerships for embedded insurance. The company has emphasised 'Beyond Top 30' (B30+) markets, where it has built a network of digital partners.
Retail insurance and investment customers in India; individual PoSP financial advisors and agents; and enterprise partners such as banks, NBFCs, insurers, fintechs and e-commerce companies.
Geography
Operations are focused on India, with the registered office and RoC filings in Mumbai; company materials are directed at Indian residents only, and growth efforts target Beyond Top 30 (B30+) markets.
History
The company's own timeline dates Turtlemint to FY2016, with the TurtlemintPro advisor app and Academy added in FY2018, Grow, mutual funds and Turtlefin in FY2021, and loans in FY2024. The entity was renamed from Fintech Blue Solutions Private Limited to Turtlemint Fintech Solutions Private Limited and then to Turtlemint Fintech Solutions Limited. In May 2024 it acquired Turtlemint Insurance Broking Services Private Limited from promoter Dhirendra Nalin Mahyavanshi, and in 2026 it undertook an initial public offering on the BSE and NSE.
Risks & controversies
Coverage of the IPO notes widening losses, with net loss up 26% to Rs 125 crore in H1 FY26 amid high operating costs, declining net worth and negative cash from operations. IRDAI's 2023 Expense of Management regulations sharply reduced insurer-paid marketing fees, which fell more than 81% in FY24 to 7.13% of income, and revenue growth in FY25 was largely attributable to the TIB acquisition rather than organic expansion. Additional risks cited include heavy reliance on commission income, concentration in general insurance (92.46% of revenue) and the top 10 insurers (74.51%), the offer-for-sale-heavy IPO structure prioritising investor exits, related-party transactions with TIB, the company's short consolidated operating history following the TIB acquisition, reliance on a Redseer industry report commissioned and paid for by the company, and the potential impact of the IRDAI-backed Bima Sugam platform on intermediary commissions.
Compiled by commissioned research from 6 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 6
launches, deals, and filingsProspectus dated June 23, 2026 of Turtlemint Fintech Solutions Limited filed with the Registrar of Companies, Mumbai-I and submitted to SEBI, BSE and NSE for an IPO of equity shares of face value Rs 1 each; book running lead managers were ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors.
IPO structured with a fresh issue of approximately Rs 6,607 million plus an offer for sale of 28.6 million shares by investors including Peak XV Partners, Nexus Venture Partners, Jungle Ventures, Blume Ventures and Kunal Shah, and 4.3 million promoter shares; company targeted a valuation of $1.3-1.5 billion.
Turtlemint Fintech Solutions Limited acquired Turtlemint Insurance Broking Services Private Limited (TIB) with effect from May 8, 2024 from promoter Dhirendra Nalin Mahyavanshi; TIB is directly held by the company and drove much of the FY25 revenue increase.
Company timeline lists loans as an FY2024 addition to the product suite.
Company timeline lists Grow, mutual funds distribution and the Turtlefin embedded insurance/SaaS business in FY2021.
Company timeline lists TurtlemintPro and Academy in FY2018.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
▸Research sources · 6
primary sources listed
- Turtlemintturtlemint.com · web
6 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Turtlemint do?
- Indian tech-enabled insurance distribution platform connecting customers, PoSP advisors and insurers, listed after a 2026 IPO.
- Who founded Turtlemint?
- Turtlemint was founded by Dhirendra Mahyavanshi, Anand Prabhudesai in 2015.
- Who are Turtlemint's investors?
- Turtlemint's investors include American Family Ventures, Jungle Ventures, MassMutual Ventures, Notable Capital, Peak XV Partners, Trifecta Capital Advisors, Blume Ventures, Nexus Venture Partners.
- Where is Turtlemint headquartered?
- Turtlemint is headquartered in Mumbai, IN.