IPO-Bound Turtlemint Slips Into Red, Post INR 47 Cr Loss In FY25

In the run-up to its IPO, Turtlemint’s insurance arm, Turtlemint Insurance, slipped into the red in the financial year ended March 2025. The insurtech startup posted a net loss of INR 47.1 Cr in FY25 as against a profit of INR 7.4 Cr in the previous year despite a strong growth in its top line during the year under review.

The Mumbai-based startup’s operating revenue jumped 33.6% to INR 674.5 Cr from INR 505 Cr in FY24.

However, its expenses soared, outpacing the rise in revenue. Total expenditure grew 45.7% to INR 723.6 Cr in FY25 from INR 496.7 Cr in the previous fiscal year.

The startup posted an EBITDA loss of INR 36.7 Cr in FY25 as against an EBITDA profit of INR 18.3 Cr in FY24. Consequently, EBITDA margin contracted to -5% during the year from 4% in FY24.

Notably, Turtlemint Insurance operates under the holding entity Turtlemint Fintech Solutions, which also houses a subsidiary named Turtlemint Mutual Fund Distributors (Turtlemint Money).

Turtlemint Money’s operating revenue almost doubled to INR 8.9 Cr in FY25 from INR 4.8 Cr in the previous year. It posted a net profit of INR 66 Lakh against a net loss of INR 7.4 Cr FY24.

The holding entity has other businesses too, including Turtlemint Loans and Turtlemint Pro. While their financial numbers for FY25 have not been filed yet, they usually have negligible contribution to Turtlemint’s top line.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates as an insurance distribution platform, connecting consumers with insurers through a network of financial advisors. The startup provides car, bike, health, and term life insurance. It claims to have worked with more than 3 Lakh advisors to date and serve millions of policyholders across the country.

Backed by the likes of Jungle Ventures, Nexus Venture Partners, Vitruvian Partners and Peak XV Partners, Turtlemint last raised $120 Mn in 2022 at a valuation of $900 Mn. Overall, it has raised a total funding of about $197 Mn to date.

Last week, Turtlemint confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The startup is reportedly eyeing a $200 Mn to $250 Mn (about INR 1,766 Cr to INR 2,208 Cr) public issue.

Breaking Down Turtlemint Insurance’s Expenses

Employee Benefit Expenses: The startup spent INR 107.5 Cr on its employees in FY25, down 9.3% from INR 118.6 Cr in FY24.

Marketing Expenses: The spending under the head soared 79.1% to INR 48 Cr from INR 26.8 Cr in the previous year.

Sales Commission Expenses: Payment to its network of insurance advisors was the biggest expense for Turtlemint. The sales commission soared over 70% to INR 521.3 Cr in FY25 from INR 305.4 Cr in the previous fiscal year. This sharp rise reflects the startup’s ongoing push to expand distribution and customer acquisition, but it also weighed heavily on profitability.

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