Turtlemint, a leading insurtech start-up, has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The Mumbai-based company is looking to raise between $200 million and $250 million through an initial public offering (IPO). The move comes after months of negotiations with financial institutions such as Motilal Oswal, JM Financial, ICICI Securities, and Jefferies.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is an online insurance distribution platform. It connects consumers with insurers through financial advisors across categories such as car, bike, health, and term life insurance. The company has raised a total of about $197 million to date from investors including Jungle Ventures, Nexus Venture Partners, Vitruvian Partners and Peak XV Partners. Its last funding round was in 2022 when it raised $120 million at a valuation of $900 million.