Turtlemint reports a 19% decrease in net loss in the first quarter, driven by technological improvements that enhance the economics of its insurance platform, amid continued revenue growth and expansion plans.
Turtlemint has reported a narrower first-quarter loss for the period to June, even as its revenue continued to rise sharply and management argued that technology is improving the economics of its insurance distribution platform. According to the company’s latest results, net loss fell 19% year on year to ₹37.8 crore, from ₹46.7 crore a year earlier, while operating revenue climbed 40% to ₹294.1 crore.
The improvement at the operating level was more striking. Service EBITDA, a measure that strips out direct operating costs, rose 89% to ₹39 crore, while adjusted EBITDA as a percentage of revenue improved to minus 9% from minus 20% a year earlier. Anand Prabhudesai, the company’s chief operating officer, said the gains reflected stronger platform efficiency, with technology helping across partner onboarding and sales support.
The Mumbai-based insurtech, founded in 2015 by Dhirendra Mahyavanshi and Prabhudesai, connects consumers with insurers through a network of financial advisers and digital partners. On its website, the company says it has worked with 46 insurers and facilitated the sale of more than 30 million policies across health, life, motor and business insurance. It also says it now operates in 19,186 pincodes and has 83 physical branches.
Management is still pointing to full-year profitability. In comments to Mint, Mahyavanshi said Turtlemint expects FY27 to be profitable, although he warned that some quarters may remain volatile because of seasonality. That outlook comes as the recently listed company continues to expand its distribution infrastructure, including its Insurance Hub and Integration Studio tools for insurers and third-party partners. Shares in Turtlemint fell 2.6% on the day the results were reported.
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