Turtlemint revenue up 40% in Q1, losses narrow

Peak XV-backed insurance distribution platform Turtlemint posted a 40% year-on-year jump in revenue from operations to Rs 294 crore in the June quarter, helping it narrow its net losses by 19%.

Net loss in the quarter stood at Rs 37.9 crore, compared to Rs 46.7 crore in the same period a year ago. In the preceding March quarter, the company posted its first net profit of Rs 3.1 crore, helped by a deferred tax credit of Rs 8.3 crore.

Total expenses rose 28% to Rs 333.5 crore, primarily due to higher employee costs and other expenses.


Turtlemint made its stock market debut in June this year, listing at Rs 134.90 on the NSE, an 11.25% discount to its issue price of Rs 152. Its Rs 883 crore public issue consisted of fresh equity worth Rs 660.7 crore and an offer for sale component of Rs 222 crore.

The company operates an insurance distribution platform that enables point-of-sale persons (POSPs) and advisors to sell insurance products across India, particularly in tier 3 and 4 markets, unlike online aggregators that primarily rely on digital customer acquisition.

On Friday, shares of the company closed 1.6% lower from Thursday, at Rs 139 on the BSE.