Shardul Amarchand Mangaldas & Co. (SAM) and A&O Shearman advised on the ₹8,826.70 million (approximately US$93.51 million) initial public offering of Turtlemint Fintech Solutions Limited.

Founded in 2015, Turtlemint operates a technology-driven platform that connects customers, insurance advisors, and insurers, offering a comprehensive range of retail insurance products and other financial products. Turtlemint has established a strong and growing presence across India, particularly in B30+ markets (i.e., the rest of India except the top 30 cities by population) and is backed by prominent institutional investors.

The IPO comprised a fresh issue of 43,468,552 equity shares aggregating to ₹6,607.22 million and an offer for sale of 14,601,846 equity shares aggregating to ₹2,219.48 million by certain shareholders, including Nexus Ventures IV, Ltd., Peak XV Partners Investments V, Blume Ventures Fund 1X, Blume Ventures (Opportunities) Fund IIA, GGV VII Investments Pte. Ltd. (Notable Capital), Dream Incubator Inc. and Humming Bird Investment Holdings SPV.

The IPO represents the second listing by an insurtech platform in India.

Shardul Amarchand Mangaldas & Co. acted as legal counsel to Turtlemint and the investor selling shareholders.

The transaction team advising the Company was led by Partners Nikhil Naredi, and Krupa Brahmbhatt, with support from Senior Associate Anoushka P.V., and Associate Dhanashree Singe.

The Investor Selling Shareholders were advised by Partner Manjari Tyagi, along with Principal Associate Partner Tarun Srikanth, Senior Associate Jheel Bhargava, and Associate Bhumika Panigrahi.

A&O Shearman acted as sole international legal counsel to the underwriters.

The A&O Shearman team was led by Partner Pallavi Gopinath Aney, supported by Mark Leemen and Nabil Shadab.