New Delhi, April 7 -- Turtlemint Insurance Services Pvt Ltd, backed by prominent investors including Jungle Ventures and Peak XV Partners, is in discussions with four bankers to tap the capital markets with an initial public offering (IPO) expected this year, three people aware of the development told Mint.

The insurtech company has engaged with Motilal Oswal, ICICI Securities, JM Financial, and Jefferies to help with the IPO, one of the two people cited above said.

The company is expected to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) over the next two months and list on the stock exchanges by October this year, the person added.

"The company plans to raise around $200-250 millio...