Financial Performance - H1 FY27 (Consolidated)

Income Statement Highlights (₹ Crore):

  • Revenue from Operations: ₹637 (vs. ₹463 in H1 FY26, +38% YoY)
  • Service EBITDA: ₹85 (vs. ₹51 in H1 FY26, +66% YoY)
  • Corporate Overheads: ₹132 (vs. ₹128 in H1 FY26, +3% YoY)
  • Corporate Overheads as % of Revenue: 21% (vs. 28% in H1 FY26)
  • Adjusted EBITDA: (₹48) (vs. (₹77) in H1 FY26)
  • Adjusted EBITDA Margin: (7%) (vs. (17%) in H1 FY26)
  • EBITDA: (₹48) (vs. (₹82) in H1 FY26)
  • Profit before exceptional items and tax: (₹61) (vs. (₹91) in H1 FY26)
  • Exceptional items: ₹0 (vs. ₹34 in H1 FY26)
  • Profit before tax: (₹61) (vs. (₹125) in H1 FY26)
  • Profit after tax: (₹64) (vs. (₹125) in H1 FY26)

Other Income: ₹11 (vs. ₹6 in H1 FY26)

Expense Breakdown (₹ Crore):

  • Employee benefits expense: ₹130 (vs. ₹123 in H1 FY26)
  • Finance costs: ₹5 (vs. ₹1 in H1 FY26)
  • Depreciation and amortisation expenses: ₹8 (vs. ₹8 in H1 FY26)
  • Impairment losses on financial instruments: ₹3 (vs. ₹2 in H1 FY26)
  • Other expenses: ₹564 (vs. ₹426 in H1 FY26)

Financial Performance - Q2 FY27 (Consolidated)

Income Statement Highlights (₹ Crore):

  • Revenue from Operations: ₹342 (vs. ₹253 in Q2 FY26, +35% YoY)
  • Service EBITDA: ₹45 (vs. ₹30 in Q2 FY26, +47% YoY)
  • Corporate Overheads: ₹66 (vs. ₹66 in Q2 FY26, 0% YoY)
  • Corporate Overheads as % of Revenue: 19% (vs. 26% in Q2 FY26)
  • Adjusted EBITDA: (₹21) (vs. (₹35) in Q2 FY26)
  • Adjusted EBITDA Margin: (6%) (vs. (14%) in Q2 FY26)
  • EBITDA: (₹17) (vs. (₹40) in Q2 FY26)
  • Profit before exceptional items and tax: (₹24) (vs. (₹44) in Q2 FY26)
  • Exceptional items: ₹0 (vs. ₹34 in Q2 FY26)
  • Profit before tax: (₹24) (vs. (₹78) in Q2 FY26)
  • Profit after tax: (₹26) (vs. (₹78) in Q2 FY26)

Operational Metrics

H1 FY27 Performance:

  • Platform Premium: ₹2,419 crore (vs. ₹1,590 crore in H1 FY26)
  • Number of Digital Partners: 728,138 (vs. 603,302 in H1 FY26)
  • Active Transacting Digital Partners (quarterly average): 93,580 (vs. 76,249 in H1 FY26)
  • Percentage of Platform Premium distributed in B30+ Markets: 75.58% (vs. 74.25% in H1 FY26)
  • Platform premium generated by top 100 Digital Partners: 5.73%

Historical Performance (Proforma where indicated):

| Financial Year | Platform Premium (₹ Cr) | Digital Partners | Active Transacting DPs | B30+ Market % | Revenue (₹ Cr) | Service EBITDA (₹ Cr) | Adjusted EBITDA (₹ Cr) | Loss for Period (₹ Cr) |

| FY24 (Proforma) | 2,273 | 444,794 | 49,668 | 71.15% | 564 | 56 | (182) | (187) |

| FY25 (Proforma) | 2,946 | 543,972 | 63,048 | 73.78% | 700 | 83 | (186) | (203) |

| FY26 (Consolidated) | 3,868 | 659,073 | 83,657 | 75.36% | 1,098 | 142 | (106) | (184) |

| H1 FY26 (Consolidated) | 1,590 | 603,302 | 76,249 | 74.25% | 463 | 51 | (77) | (125) |

| H1 FY27 (Consolidated) | 2,419 | 728,138 | 93,580 | 75.58% | 637 | 85 | (48) | (64) |

Business Model and Strategy

Digital Partner Network:

  • India's largest certified PoSP network with 659,073+ Digital Partners as of March 31, 2026
  • 80% of Digital Partners based in B30+ markets
  • 75.36% of platform premium distributed in B30+ markets
  • Average earnings of Digital Partners have shown consistent growth across cohorts

Product Offerings:

  • Partnerships with 46 insurance companies across General Insurance, Stand-Alone Health Insurers, and Life Insurance
  • 17 insurer partners generated premium of ₹1 billion+ in FY26
  • Top 3 insurer partners contributed 25.9% of platform premium in FY26

Technology and AI Strategy:

  • Implementing AI across all functions including sales, operations, product development, content, marketing, finance, HR, and engineering
  • AI applications include: AI-driven customer support, sales calling, UX wireframing, PRD writing, marketing content generation, KPI dashboard creation, CV shortlisting, AI-assisted development, automated testing, and code reviews
  • Goal to become an "AI first company" driving growth, productivity, and retention

Expansion Plans:

  • Introducing mutual fund and loan distribution to become a one-stop shop for financial needs
  • Leveraging TurtleFin SaaS platform offered to banks, NBFCs, and fintechs in white-labeled format
  • Continuing to deepen penetration in B30+ markets through expanding Digital Partner network

Corporate Structure and 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 and Country Head at Stancorp Global Services)
  • Alok Chandra Misra: Independent Director (prior General Atlantic, WNS, Mphasis, ITC)
  • Anup Wadhawan: Independent Director (former IAS officer, Secretary Ministry of Commerce and Industry)
  • Dinanath Mohandas Dubhashi: Independent Director (advisor to Chairman of L&T Finance)

Company Secretary & Compliance Officer: Prashant Saini (Membership No. A23769)

Auditor Certification: All numbers certified by independent Chartered Accountant, M/s S K Patodia & Associates LLP

Key Performance Indicators to Monitor

As identified in the FAQ section: Past 3-month Active DPs, Platform Premium, Revenue from operations, Service EBITDA, Corporate overheads, Adjusted EBITDA, and Profit After Tax.