Turtlemint cuts Q2 loss by 67% to Rs 25.8 Cr as revenue rises 35% to Rs 342 Cr

Turtlemint Fintech Solutions, the insurance distribution platform listed on BSE and NSE, reported a consolidated net loss of Rs 25.83 crore for the September quarter, down 67% from Rs 78.45 crore a year earlier, according to its stock exchange release on 12 November. Revenue from operations rose 35% to Rs 342.19 crore from Rs 252.84 crore. The Economic Times, Inc42 and Entrackr all reported the results.

Turtlemint does not sell its own policies. It runs a platform that lets a large network of independent advisers, which it calls digital partners, compare and sell insurance from many insurers and earn commissions. Platform premium, the total value of policies sold through it, grew 55% to Rs 1,214 crore in the quarter, the company said. Its partner network reached 7,28,138 by the end of September, and about three quarters of premium came from markets beyond India's top 30 cities.

The Economic Times reports that the improvement came from more advisers selling more policies and from higher renewal income, which carries better margins than first year commissions. Service EBITDA, the company's measure of profit from its core distribution business, grew 47% to Rs 45 crore. Corporate overheads fell to 19% of revenue from 26% a year earlier, so revenue grew much faster than fixed costs. Inc42 notes that the loss also fell 32% from the previous quarter's Rs 37.8 crore, while total expenses rose 25% to Rs 375.2 crore.

For the first half of FY27, revenue from operations rose 38% to Rs 637.17 crore and the net loss came in at Rs 63.61 crore, the filings show. What to watch: whether Turtlemint can turn its fast growing partner network into a full year profit, the question public market investors are now asking of every listed new age fintech.