TURTLEMINT FINTECH SOLS L

Operates an insurance broking platform that distributes policies of 46 insurers across India and earns commission on the premiums placed. Revenue was INR 1,098 crore in FY26 (+57% YoY) and INR 294 crore in Q1 FY27 (+40% YoY); platform premium — the aggregate insurance premium routed through the platform — was INR 3,868 crore in FY26 (+31% YoY). Money is earned in three layers. First, new-business commissions: roughly 6.59 lakh digital partners (Point of Sale Persons) sell motor, health and life insurance to retail customers, with motor as the anchor and health growing about 75% YoY in FY26. Second, renewal commissions on the back book — the higher-margin layer — grew 51% YoY in FY26 and now represent 22% of revenue; voice AI alone is credited with lifting renewal rates by ~500 basis points. Third, Turtlefin, an enterprise platform that licenses insurance infrastructure (quoting, policy admin, claims) to banks, NBFCs and fintechs via plug-and-play modules and a single API. The biggest cost line is corporate overheads, held roughly flat in absolute terms in an INR 230-260 crore band; as a share of revenue, this fell from 38% to 23% in FY26, and management has guided operating leverage to continue.