For its initial public offering (IPO), insurtech startup Turtlemint has submitted an updated draft red herring prospectus (UDRHP) to the Securities Exchange Board of India (SEBI). A new issue of equity shares up to INR 660.7 Cr and an offer-for-sale (OFS) component of up to 2.86 Cr shares would make up the company’s proposed public listing.Cofounders Dhirendra Nalin Mahyavanshi and Anand Rohidas Prabhudesai want to sell up to 22.11 lakh and 21.12 lakh shares, respectively. Nexus Ventures, Peak XV Partners, Jungle Ventures, Dream Incubator, and other institutional investors will sell their shares through the OFS. Nexus Ventures now owns 24.05% of the company, while Peak XV owns 20.84% and Jungle Ventures owns 4.54%. Kunal Shah, who left Turtlemint in December 2020 after co-founding it with Mahyavanshi and Prabhudesai in 2015, will sell 5.33 lakh shares via the OFS. Shah currently owns 1.45% of the business.Turtlemint’s DRHP Route and its OPerations In September of last year, Turtlemint chose to submit its DRHP to SEBI in a confidential route. The markets regulator then approved the public offering in December. Through a network of financial advisors, Turtlemint functions as a platform for the distribution of insurance, bringing customers and insurers together. It offers health,… Read MoreStartupTalky- Business News, Insights and Stories
