Company Overview
Turtlemint is India's leading digital insurance distribution platform founded 11 years ago with mission to drive insurance distribution across Bharat. Key positioning highlights:
- #1 First & Largest PoSP Network
- Deep Reach Beyond Metros (B30 markets)
- Tech Led Distribution
- 75.36% of Platform Premium distributed in B30+ markets
- 532k+ certified PoSP network (largest in India)
- 659k+ total Digital Partners
- 29.53 Mn policies distributed
- 46 Insurance Partners across GI, SAHI & Life
Financial Performance - FY26 Full Year
Revenue from Operations: ₹10,983 Mn, representing 57% YoY growth from FY25 Proforma of ₹7,003 Mn
Service EBITDA: ₹1,416 Mn, representing 70% YoY growth from FY25 Proforma of ₹832 Mn
Corporate Overheads: ₹2,471 Mn (23% of revenue), decreased 8% from FY25 Proforma of ₹2,696 Mn (38% of revenue)
Adjusted EBITDA: (₹1,055) Mn, improved from (₹1,863) Mn in FY25 Proforma
EBITDA: (₹1,194) Mn, improved from (₹1,675) Mn in FY25 Proforma
Profit before exceptional items and tax: (₹1,376) Mn, improved from (₹1,999) Mn in FY25 Proforma
Exceptional items: ₹549 Mn (not present in FY25)
Profit before tax: (₹1,926) Mn
Profit after tax: (₹1,843) Mn, improved from (₹2,026) Mn in FY25 Proforma
Net cash flow from operating activities: (₹1,822) Mn, converted at 99% to PAT indicating strong working capital management
Financial Performance - Q4 FY26
Revenue from Operations: Not explicitly quantified for Q4 alone
Service EBITDA: ₹601 Mn, representing 60% YoY growth from Q4 FY25 of ₹376 Mn
Corporate Overheads: ₹572 Mn (16% of revenue), decreased 19% from Q4 FY25 of ₹710 Mn (28% of revenue)
Adjusted EBITDA: ₹29 Mn (1% of revenue), achieving breakeven from (₹335) Mn (13% of revenue) in Q4 FY25
EBITDA: (₹7) Mn, improved from (₹321) Mn in Q4 FY25
Profit before exceptional items and tax: (₹52) Mn, improved from (₹395) Mn in Q4 FY25
Profit after tax: ₹31 Mn, significantly improved from (₹394) Mn in Q4 FY25
Operational Metrics - FY26
Platform Premium: ₹38,678 Mn (growth trajectory shown but YoY percentage not explicitly stated)
Number of Digital Partners: 659,073 (from 543,972 in FY25 Proforma)
Active Transacting Digital Partners (quarterly average): 83,657 (from 63,048 in FY25 Proforma)
Percentage of Platform Premium in B30+ Markets: 75.36% (from 73.78% in FY25)
Business Model Highlights
Triadic Platform Model: Creating collaborative ecosystem between insurers, digital partners, and customers
Digital Partner Economics: Average earnings show increasing trajectory across cohorts
- Fiscal 2020 cohort achieved 3.8x earnings growth by Fiscal 2026
- Top 100 Digital Partners contribute only 4.62% of business, indicating granular diversification
Technology Infrastructure: 25+ features in TurtlemintPro App enabling instant paperless issuance, real-time comparisons, digital tracking
AI Integration Strategy: Focus on three pillars:
- Drive growth through AI-driven sales channels
- Improve productivity with AI Co-pilots for Digital Partners and RMs
- Higher retention through AI-powered 24/7 support
Expansion Strategy:
- Continue deepening penetration in B30+ markets through DP network expansion
- Introduce new insurance products and add other financial products to become one-stop shop
- Mutual fund and loan distribution as natural adjacencies
Corporate Governance
Board of Directors:
- Dhirendra Nalin Mahyavanshi: Chairperson, MD & CEO (prior ICICI Lombard, Quikr)
- Anand Rohidas Prabhudesai: Executive Director and COO (prior Yahoo, Nokia, Quikr)
- Mohua Sengupta: Independent Director (SVP & Country Head at Stancorp Global Services)
- Alok Chandra Misra: Independent Director (prior General Atlantic, WNS Global Services)
- Anup Wadhawan: Independent Director (former IAS officer, Secretary Ministry of Commerce)
- Dinanath Mohandas Dubhashi: Independent Director (advisor to Chairman of L&T Finance)
Compliance Officer: Prashant Saini, Company Secretary & Compliance Officer (Membership No. A23769)
Certification and Basis of Preparation
All numbers certified by independent Chartered Accountant, M/s S K Patodia & Associates LLP
FY25 numbers presented on Proforma basis to illustrate impact of acquisition of Turtlemint Insurance Broking Services Private Limited (material subsidiary) effective May 8, 2024, as if acquisition occurred on April 1, 2024, April 1, 2023, and April 1, 2022 for respective years
Balance Sheet Highlights (as of March 31, 2026)
Total Assets: ₹4,501 Mn (from ₹5,562 Mn in FY25)
Cash and Bank Balances: ₹1,276 Mn (from ₹3,165 Mn in FY25)
- Cash and cash equivalents: ₹682 Mn
- Other Bank balances: ₹568 Mn
Trade Receivables: ₹1,588 Mn (from ₹1,378 Mn in FY25)
Property Plant and Equipment: ₹340 Mn (from ₹440 Mn in FY25)
Total Equity: ₹3,052 Mn (from ₹4,105 Mn in FY25)
Market Context
Industry Growth: India's insurance sector characterized by underpenetration with insurance penetration at 4.2% of GDP (2025)
PoSP Growth: PoSPs grown at CAGR +38% during FY20-25 to reach 2.7mn in FY25, expected to contribute 24-32% CAGR premium growth during FY25-30
B30+ Market Opportunity: Insurance demand in B30+ markets projected to grow up to 1.6x faster than T30 markets between FY25 and FY30