India, Feb. 4 -- After taking the confidential route to file for an IPO last September, insurtech company Turtlemint filed its updated draft red herring prospectus (UDRHP) a few days back. The IPO would see the company raise fresh capital of up to INR 660.7 Cr and an offering for sale (OFS) component of up to 2.86 Cr shares.

Institutional investors including Nexus Ventures, Peak XV Partners, Jungle Ventures, Dream Incubator, among others, will offload shares via the OFS.

As per its UDRHP, the fintech soonicorn's cap table features 135 shareholders as of now. While VC firm Nexus Ventures currently holds the highest stake, 24.05% to be precise, across 2 holding entities. The second largest shareholder for the insurtech company is Peak XV,...