Peak XV partners, one of Turtlemint’s biggest shareholders, raked in ₹66.2 Cr by offloading 43.56 Lakh shares via the OFS
Nexus Venture Partners, one of Turtlemint’s earliest institutional backers, booked an 8.8X return on its initial investment by offloading 27.47 Lakh shares worth ₹41.75 Cr
The company’s two cofounders became richer by a combined ₹65 Cr by selling partial stakes through the public issue
Shares of insurtech company Turtlemint
are set to list on the bourses on Monday (June 29) after its IPO was oversubscribed 1.2X. Several early investors in the company booked sizable gains by selling part of their holdings in the public issue.
Peak XV partners, one of Turtlemint’s biggest shareholders, raked in ₹66.2 Cr by offloading 43.56 Lakh shares via the OFS at the issue price of ₹152 per share. This translated to a 7.2X return on the initial investment. Post the sale, Peak XV owns 4.84 Cr shares of Turtlemint worth ₹736.5 Cr at ₹152 per share.
Turtlemint had set a price band of ₹144-₹152 for the IPO. It’s public issue comprised a fresh issue of shares worth ₹660.7 Cr and an offer for sale (OFS) of up to 1.46 Cr shares by promoters and existing shareholders. The issue valued the company at ₹4,513 Cr (about $475 Mn) at the upper end of the price band.
Nexus Venture Partners, one of Turtlemint’s earliest institutional backers, booked an 8.8X return on its initial investment by offloading 27.47 Lakh shares worth ₹41.75 Cr through the IPO. The VC firm still holds 5.22 Cr shares worth ₹793.4 Cr. This makes Nexus’ remaining holding the largest amongst selling shareholders.
In terms of return, the biggest gains were recorded by UK-based Hummingbird Ventures. The firm minted a 13X return on its initial investment. It sold 1.89 Lakh shares worth ₹2.9 Cr, with 21.12 Lakh shares worth ₹32.1 Cr still under its holding.
Blume Ventures, which invested in Turtlemint through two funds, took home a combined ₹16.5 Cr from the IPO. Blume Ventures Fund 1X booked a 1.6X return on investment, while the Blume Ventures (Opportunities) Fund IIA recorded a 3.8X return. It continues to hold 1.08 Cr shares of Turtlemint worth ₹165 Cr across the two funds.
Meanwhile, GGV Capital posted a 1.9X gain by offloading 11.91 Lakh shares worth ₹18.11 Cr. Japan-based Dream Incubator sold 2.03 Lakh shares worth ₹3.08 Cr through the OFS, booking a 1.8X return.
Founded in 2015 by Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, Turtlemint operates an insurance distribution platform, connecting consumers with insurers through a network of financial advisors for car, bike, health, and term life insurance.
The company’s two cofounders became richer by a combined ₹65 Cr by selling partial stakes through the public issue. Prabhudesai raked in ₹32.1 Cr by selling 21.12 Lakh shares. He now holds 1.9 Cr shares worth ₹289 Cr. Mahyavanshi sold 22.11 Lakh shares worth ₹33.6 Cr. The cofounder continues to hold 1.98 Cr shares worth ₹302.4 Cr.
Turtlemint plans to deploy the capital raised through the IPO towards technology infrastructure, product development, marketing, working capital requirements and inorganic growth opportunities.
Ahead of the IPO, Turtlemint raised ₹397.2 Cr from anchor investors by allotting 2.61 Cr equity shares. Seven domestic mutual funds participated in the anchor round via a total of 12 schemes. Other investors who participated in the round included Societe Generale, 360 One, Amansa Holdings, BNP Paribas, Citi Group, among others.
On the financial front, the company reported a net loss of ₹187.3 Cr during the first nine months (9M) of FY26, up about 20% from ₹154.7 Cr during the corresponding period a year ago. The company’s revenue increased 80% to ₹741.1 Cr in the first three quarters of FY26 from ₹411.1 Cr in 9M FY25.
Source: Inc42 - Startups
