Insurtech firm Turtlemint Fintech Solutions may look to become a Managing General Agent (MGA), once regulator IRDAI issues detailed guidelines.
The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, passed by Parliament in December last year, recognised MGAs as a new category of insurance intermediary for the first time in the country. While the MGA model is well established across several developed insurance markets, a final framework governing their operations in India has not yet been announced.
“We won’t get into underwriting — that isn’t our area of expertise; ours is technology and distribution. What we may look at is becoming an MGA, once the regulator issues detailed guidelines. The MGA framework was enabled under the amended Insurance Act passed in December last year. IRDAI is yet to release the specific regulations,” Dhirendra Mahyavanshi, Chairperson, Managing Director & CEO, Turtlemint Fintech Solutions, told businessline.
“Depending on what an MGA licence permits, it could give us more flexibility in product creation and closer involvement on the underwriting side, but we would still not carry risk or be in the business of insuring customers and paying claims. Giving unbiased comparisons and the right advice across products remains our core offering, and that will continue,” Mahyavanshi said.
The insurtech firm distributes retail or “personal lines” products — life insurance, mostly term insurance; health insurance, both indemnity and accident-benefit products; motor insurance, and other products such as cyber insurance and small-shopkeeper or small-fire policies. By premium, general insurance is about 89 per cent of its business mix and life insurance about 11 per cent. By around the financial year 2029-30, life insurance’s share in the mix may rise by a few percentage points.
“We are targeting a market share in the upper single digits, between 5 per cent and 10 per cent, by FY30, in the overall retail insurance segment, which is a large and one of the fastest-growing markets in the world. Our focus remains the B30 (tier 2, tier 3 and tier 4 cities beyond the top 30 cities) markets, which have historically been underserved, in line with our broader mission of insurance for all by 2047,” Mahyavanshi said.
With B30 markets accounting for the largest share of the previously uncovered population, Turtlemint Fintech believes its tech-enabled distribution model can scale in those markets and drive penetration. The company has built a tech platform that recruits POSPs (Point of Sale Persons), individuals who hold a POSP licence and distribute insurance within their social network using its tools and technology. As many as 45 insurance companies are integrated onto the platform at present.
For the last financial year, the company’s premium grew to around ₹3,900 crore from ₹2,898 crore for the previous year, registering a growth of over 30 per cent year-on-year. Revenue, the company’s income, grew at ₹1,098 crore, up 57 per cent y-o-y. “Specifically for Q4FY26, revenue growth was about 42 per cent, and the fourth quarter became the first quarter in which we achieved breakeven, or marginal profitability, driven largely by margin expansion,” the Chairperson said.
Turtlemint Fintech is looking to clock breakeven for the full year in the current financial year. “Sequentially, each quarter tends to be bigger than the last, with Q4FY26 the biggest, and there could be a few quarters (of FY27) that individually aren’t profitable. But year-on-year comparisons — Q1 over Q1, Q2 over Q2 — are a good indicator of how we’ll perform,” Mahyavanshi said.
“We expect to keep growing at more than 40 per cent, with profitability improving even faster than that, which presents a significant opportunity as we head into FY31. We are targeting an EBITDA level of 18-20 per cent at high volumes, which would be a strong outcome for the company,” he added.
Published on July 20, 2026
