After taking the confidential route to file for an IPO last September, insurtech company Turtlemint filed its updated draft red herring prospectus (UDRHP) a few days back. The IPO would see the company raise fresh capital of up to INR 660.7 Cr and an offering for sale (OFS) component of up to 2.86 Cr shares.

Institutional investors including Nexus Ventures, Peak XV Partners, Jungle Ventures, Dream Incubator, among others, will offload shares via the OFS.

As per its UDRHP, the fintech soonicorn’s cap table features 135 shareholders as of now. While VC firm Nexus Ventures currently holds the highest stake, 24.05% to be precise, across 2 holding entities. The second largest shareholder for the insurtech company is Peak XV,commanding  a 20.84% stake.

However, Peak XV is the largest selling shareholder in the company, with plans to offload 79.2 Lakh shares. This would add on to the liquidity haul for the VC firm, which saw it cash in on 18 startup IPOs last year. It had netted more than INR 2,480 Cr in 2025 from the public issues of Groww, Pine Labs, Wakefit, and Urban Company over the past year.

In comparison, Nexus Ventures is planning to sell slightly over 9 Lakh shares in the company. VC firm Jungle Ventures, which holds 4.54% stake in the company, intends to sell almost 23 Lakh shares.

Besides the selling institutional investors, cofounders Anand Prabhudesai and Dhirendra Mahyavanshi, also plan on offloading part of their stake in the public offering.

While Prabhudesai plans on selling 21.1 Lakh shares, Mahyavanshi is likely to sell over 22 Lakh shares. Jointly, the two cofounders and promoters of the company command 17.05% stake.

Important to mention that both the cofounders bought shares worth INR 42.4 Lakh in a secondary transaction from Jungle Ventures back in August 2025.

Turtlemint’s third cofounder Kunal Shah, who exited the company in 2020, still held 36.63 shares or 1.45% stake in the company. He won’t be partaking in the OFS of the IPO.

Regarding the fresh capital netted via the IPO, Turtlemint has outlined the following utilisation plan:

• INR 193 Cr for salary expenditure towards the technology and product development teams. The company had reduced its headcount to 259 at the end of September 2025 from 313 last year.


• INR 128.6 Cr will be allocated for investment in its wholly-owned insurance brokerage subsidiary, Turtlemint Insurance Broking Services, to fund its working capital requirements.


• INR 43 Cr for expenditure towards lease payments for existing properties


• INR 39 Cr is reserved for marketing expenses


• INR 25.6 Cr will go into expenditure towards cloud and server infrastructure

In the UDRHP, the company mentioned that it may consider a pre-IPO placement of up to INR 132.1 Cr, before filing the red herring prospectus (RHP).

Founded by Mahyavanshi, Shah and Prabhudesai, Turtlemint operates as an insurance distribution platform, connecting consumers with insurers through a network of financial advisors. It provides car, bike, health, and term life insurance.

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

Since its inception, Turtlemint has raised around $200 Mn from investors like Blume Ventures, Amansa Capital, Jungle Ventures, GGV Capital, among others. During its Series E funding round in 2022, the startup’s valuation soared close to the $1 Bn mark. The round saw it raise $120 Mn at a $900 Mn valuation.

On the financial front, the Mumbai-based company’s consolidated net loss widened over 26% to INR 125.1 Cr in H1 FY26 from INR 98.9 Cr in the year-ago period.

However, operating revenue zoomed 109% to INR 463.3 Cr during the period under review from INR 221.4 Cr in H1 FY25.

Notably, Turtlemint earned 98.9% of its revenue from commissions, rewards and fees received from insurer partners and other financial service providers in H1 FY26.

For the full year FY25, the company’s net loss was almost flat at INR 194.1 Cr as against INR 193.3 Cr in FY24. However, operating revenue rose 8.4X to INR 662.7 Cr from INR 78.6 Cr in FY24.

With that, here’s a detailed look at Turtlemint’s board and key management.

Decoding Turtlemint’s Leadership Deck

Board of Directors

Dhirendra Nalin Mahyavanshi

Mahyavanshi founded Turtlemint in 2015. Currently, he serves the company’s board as the chairperson, managing director and CEO. He has more than two decades of experience in the field of insurance and sales. He took a remuneration of INR 1.5 Cr in FY25.

Anand Rohidas Prabhudesai

Cofounder Prabhudesai has been on the company’s board as an executive director since its inception in 2015 and currently serves as its COO. He oversees the company’s technology, product and marketing functions, and brings over 23 years of experience across technology and insurance. During the previous fiscal, he drew an annual remuneration of INR 1.5 Cr.

Mohua Sengupta

Sengupta joined the company board as an independent director in July 2025. Currently, she is also serving as senior vice president and country head at Stancorp Global Services India. She has previously worked with Novartis Healthcare, Mashreq Global Services, 3i Infotech and ITC Infotech India. Sengupta’s experience in the field of investment banking, corporate banking and retail finance sums to 10 years.

Alok Chandra Misra

Independent director Misra also joined the company’s board in July 2025, who is also an active independent board director in Wakefit. Meanwhile, he cofounded a consultancy company called Guvrn last year. With a total experience of 35 years in the field of finance and accounting, Misra has worked with brands such as General Atlantic, WNS Global Services, Mphasis and ITC.

Anup Wadhawan

Wadhawan, former Commerce Secretary for the Union Government of India till 2021, took his position as independent director at Turtlemint’s board in July 2025. With an overall experience of 35 years, he has a strong expertise in areas such as commerce and industry, finance, public policy and administration. Wadhawan is currently a director with Glaxosmithkline Pharmaceuticals, Yatra and Aequs.

Dinanath Mohandas Dubhashi

With over 27 years of experience in investment banking, corporate banking and retail finance, Dubhashi was onboarded as an independent director in July last year. Additionally, he is an advisor to the chairman of L&T Finance. Prior to which, he also served as L&T Finance’s whole-time director. Notably, Dubhashi worked with BNP Paribas, leading its GCC region’s business development.

Key Managerial Personnel

Badrinarayan Sanjeevi

Sanjeevi, who joined Turtlemint in February 2021, is the company’s CFO. He is responsible for the management of finance, accounts and human resource functions of the company.

With an overall experience of 27 years, he has previously held leadership roles in companies such as Rakyan Beverages, People Interactive, Mauj Mobile and Arthur Andersen India. Sanjeevi received an aggregate compensation of INR 1.68 Cr in FY25.

Prashant Saini

Saini has been working with Turtlemint since September 2023, and took over as the company secretary and compliance officer from July last year. Additionally, he is also heading the legal department of Turtlemint’s TIB since July 2024.

He is an associate of the Institute of Company Secretaries of India. Previously, Saini has worked with ICICI Bank, Canara HSBC Oriental Bank of Commerce Life Insurance and IndiaFirst Life Insurance, with an overall experience of 17 years. He received an aggregate compensation of INR 81.6 Lakh from the company and INR 2.3 Lakh from TIB in FY25.

Prajakta Vijaykumar Deolasee

Serving as Turtlemint’s CTO, Deolasee joined the company in February 2019. He took over as technology head of subsidiary TIB in October 2024. He was previously associated with HyperTrack Technologies and Hippily Technology, Gupshup Technology and SDI Tech. With an overall 17 years of experience in the field of engineering and technology, he received an aggregate compensation of INR 1.66 Cr from Turtlemint and INR 1.5 Lakh from TIB.

Janaki Arvind Iyer

With over 17 years of experience, Iyer has been serving as the chief risk officer since June 2020 and is also associated with TIB. She oversees risk, compliance and audit frameworks across Turtlemint and TIB. Prior to this, Iyer worked with BSR & Co, Chartered Accountants, as an associate director. In FY25, she received an aggregate compensation of INR 3 Lakh from the company and earned INR 72 Lakh from its subsidiary.

Shuvamay Chowdhury

Chowdhury has been the VP-retail of Turtlemint since March 2016, overseeing the sales and strategy functions of the company. With an overall experience of 14 years, he was previously associated with ICICI Lombard General Insurance and Reliance General Insurance. In FY25, Chowdhury received a compensation of INR 75 Lakh from Turtlemint.

Sunny Bhatia

Bhatia joined the company as director of sales in September 2019. Currently, he is the senior vice president-retail of Turtlemint since April 2025, where he is responsible for sales and strategy functions of the company. Previously, he has worked with companies like Cholamandalam MS General Insurance, Reliance General Insurance and SBI General Insurance, with an overall experience of more than two decades.

Bhatia received an aggregate compensation of INR 93.4 Lakh from the company in FY25.