Turtlemint and Elevate Campuses Set to Surge Markets: PE-Backed Startups Finalize Mega IPO Plans
India’s primary capital markets are poised for significant activity this month, according to sources. Two prominent venture-backed companies, insurtech firm Turtlemint Fintech Solutions and student housing giant Elevate Campuses (formerly Good Host Spaces), are reportedly in the final stages of planning their Initial Public Offerings (IPOs).These high-growth enterprises have been engaged with institutional investors over recent weeks, gauging market demand. Sources indicate that both companies have received a positive response from the investor community and should be ready to launch their respective deals by the end of the month.
The final decision on IPO timing, however, remains contingent upon prevailing market conditions. Sources caution that if significant volatility returns in the coming days, either company may opt for an alternative timeline.
Turtlemint Fintech Prepares Mega IPO with Rs 2,000 Crore Target
Turtlemint Fintech Solutions is planning a substantial listing, targeting up to ₹1,500 crore to ₹2,000 crore in total proceeds. The offering structure includes a fresh issue of shares alongside an Offer for Sale (OFS) component encompassing up to 28.61 million shares held by existing shareholders.The OFS tranche involves key stakeholders including promoters Anand Prabhudesai and Dhirendra Mahyavanshi, as well as investors such as Nexus Ventures, Peak XV Partners, Jungle Ventures, Blume Ventures, and investor Kunal Shah. The prospectus details the company's operational scale in the insurance distribution technology space.
As of September 30, 2025, Turtlemint had amassed a considerable ecosystem, including 603,302 digital partners, comprising 484,832 PoSPs (point of sales persons). The platform has facilitated the distribution of 19.68 million insurance policies between April 2022 and September 2025.
Financially, Turtlemint reported a revenue of ₹662.7 crore in FY25. This marks a significant increase from the ₹78.6 crore recorded in FY24. However, the company's loss also widened to ₹194.1 crore, up from ₹193.3 crore in the preceding fiscal year.
Elevate Campuses Seeks Rs 2,550 Crore Through Fresh Issue IPO
Elevate Campuses, which operated as Good Host Spaces prior to its institutional focus, is planning a massive debut. The company seeks to raise ₹2,550 crore entirely through a fresh issue of shares, with no provision for an Offer for Sale (OFS).The entity, which is promoted by funds owned and controlled by Hillhouse Investment, positions itself as India’s largest institutionalized and independent education infrastructure platform. Its scope spans both K-12 assets and higher education student accommodation management nationwide.
As of August 31, 2025, Elevate Campuses reported a portfolio size consisting of 66,272 beds. The company operates across nine locations in India and Dubai, managing 13 schools.
The financial trajectory for the student housing platform shows positive movement. In FY25, operations generated revenue amounting to ₹369.8 crore. Profit after tax (PAT) also showed strong growth, rising to ₹52.6 crore compared to ₹39.6 crore in FY24.
Recent Market Listings and Outlook
The news arrives as the market continues to absorb recent listings. Two companies have already completed initial share sales on the mainboard this month: CMR Green Technologies and Hexagon Nutrition.CMR’s IPO, which involved a ₹631-crore issue, saw substantial investor interest, being subscribed 127 times on June 5. Meanwhile, Hexagon’s ₹139-crore share sale, launched on June 5, was subscribed 1.65 times on its first day of subscription.
The simultaneous progression of these major private equity and venture capital backed IPOs highlights the momentum in specialized tech and infrastructure sectors within the Indian market.
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