Turtlemint investors IPO cash out; Ola Electric eyes Sebi settlement

Peak XV and Nexus Venture Partners are set to rake in manifold returns as insurtech company Turtlemint goes public. This and more in today’s ETtech Top 5.

Also in the letter:
■ Telegram pushes back against ban
■ ChatGPT market share falls
■ Snap CEO defends Specs

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Anand Prabhudesai (left) and Dhirendra Mahyavanshi, founders, Turtlemint

Venture capital firms Peak XV and Nexus Venture Partners are set to make 7-9x returns on the shares they will sell in insurtech startup Turtlemint’s upcoming IPO.

By the numbers:

Peak XV:

• Will sell shares worth Rs 66.2 crore at the upper price band of Rs 152 per share, a 7.2x return on its investment.
• At the lower band of Rs 144, proceeds will be Rs 62.7 crore, a 6.8x return.

Nexus:

• Will sell shares worth Rs 41.8 crore at the upper price band, an 8.8x return on its investment.
• At the lower end, proceeds will be Rs 39.6 crore, or an 8.3x return.

Both investors will continue to hold shares worth more than Rs 1,500 crore after the IPO.


Founders: Cofounders Anand Prabhudesai and Dhirendra Mahyavanshi are also selling shares worth Rs 32.1 crore and Rs 33.6 crore, respectively. After the IPO, they will together retain stock worth about Rs 591.4 crore at the upper end of the price band.

IPO details:

• Price band: Rs 144-152 per share
• Total issue size: Rs 883 crore
• Fresh issue: Rs 660.72 crore
• Offer for sale: Rs 221.94 crore
• Valuation cut: Rs 4,513 crore ($475 million), below the Rs 7,000 crore ($900-950 million) valuation at which it raised funds in 2022.
• The issue will open on June 19.

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Ola Electric CEO Bhavish Aggarwal

Ola Electric and its founder-chairman Bhavish Aggarwal have approached the Securities and Exchange Board of India (Sebi) to settle proceedings over allegations that the company shared misleading information that could have inflated its stock price.

Driving the news: The application was filed after Sebi issued a show-cause notice in April over allegations of misleading information pertaining to service network expansion, sales performance, and electric motorcycle rollout timelines.

Also Read: Sebi warns Ola Electric for disclosure lapses

The market watchdog said some announcements did not match operational data, including claims about 4,000 stores, service centres, and sales.

Ola’s stance: The company has said it has explanations for the allegations but wants an amicable closure. The settlement application seeks to resolve the matter “without admission or denial" of facts and legal conclusions.

Sources close to the company said Ola Electric has held at least three rounds of discussions with Sebi officials following the notice.

Source: Google Finance

Background: For the past year, Ola's stock has been trading well below its IPO price of Rs 76, and resultantly, the company's market capitalisation has reduced to Rs 20,400 crore. It raised Rs 780 crore on June 4 through a qualified institutional placement (QIP).

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Telegram CEO Pavel Durov

Messaging platform Telegram has moved the Delhi High Court against the Centre’s temporary restriction on access to the platform in India. The company told the court that blocking the app is unconstitutional, “overboard restriction on the fundamental right to freedom of speech of users”.

What happened: The restriction came after the National Testing Agency said Telegram was being used to circulate fake NEET paper-leak claims and spread misinformation. The Centre also asked Google and Apple to delist the app in India until June 22 and directed Telegram to disable message editing until June 30.

Founder’s take: Telegram founder Pavel Durov said the ban punishes ordinary users rather than the people behind the leaks. “This punishes 150M+ ordinary Telegram users in India. And the ban hasn't stopped anything. The leaks just moved to other apps,” Durov wrote in a post on X on Tuesday.

Wider issue: Durov also suggested that competitive interests may be influencing this crackdown, alleging BGP hijacking (redirecting traffic to a wrong destination) by Reliance Jio, pointing to its ties with Meta.

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For the first time since its launch in 2022, ChatGPT’s market share slipped below 50% in March 2026, though it still leads the AI assistant space.

What’s driving this: In May, the OpenAI chatbot’s share stood at 46%, ahead of Google Gemini at 28% and Claude at 10%. Per the report, Claude’s strong growth in certain markets, including the US, where the demand for coding and deep research capabilities is higher, dented ChatGPT’s market share.

Source: SensorTower

ChatGPT also saw users switch after OpenAI struck an agreement with the US Department of War in February.

India market: As of May 2026, ChatGPT had about 330 million unique monthly active users across mobile and web in India, one of its key markets. Trailing ChatGPT was Google Gemini with 229 million users and Anthropic's Claude climbing the graph with 72 million monthly users.

Credit: SensorTower

The bigger picture: Even with the dip in market share, ChatGPT recently crossed 1 billion monthly active users globally, making it the app that reached that milestone the fastest among Google Maps, TikTok, Instagram, and YouTube.

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Snap CEO Evan Spiegel defended the company’s new Specs augmented-reality (AR) glasses, calling them central to Snap’s long-term strategy. There is pressure from some investors to shut down or spin off the unit.

Details: The device, Snap’s first consumer AR glasses, launched at $2,195 and is being positioned as part of how people will interact with technology in the AI era.

The glasses aim to bridge the gap between Meta’s lightweight Ray-Ban smart glasses and bulkier mixed-reality headsets such as Apple Vision Pro.

Tell me more: Irenic Capital Management has argued that Specs should be funded on its own and that Snap has already spent more than $3.5 billion on the unit. "While investors may want more short-term profitability, our job at Snap is to drive long-term profitability and the long-term success of the company," Spiegel said in an interview.