Apis PE, ICICI Venture buy stake in Star Health Insurance

Visual from Mint.

Health insurer Star Health and Allied Insurance Co. Ltd on Wednesday said two private equity funds—Apis Growth Fund I, a private equity fund managed by Apis Partners LLP, and India Advantage Fund Series 4, a private equity fund managed by ICICI Venture—have acquired a significant minority stake in the company. The company did not disclose the size or financial details of the deal.

Star Health, founded in 2006, offers retail health insurance services. ICICI Venture is an existing shareholder in Star Health. Other investors include Sequoia Capital, Tata Capital Growth Fund and Oman Insurance Company.

Apis Partners, a private equity asset manager focused on financial services in the growth markets of Africa and Asia, will join the company’s board that includes Sequoia Capital and Tata Capital Growth Fund, a Star Health statement said.

“Our relationship with Apis Partners and ICICI Venture will enable us to further enhance the platform we have built as one of India’s leading health insurance providers in a very exciting time for the industry and our business. We look forward to benefiting from their knowledge of the impact of financial technology on similar businesses,” said V. Jagannathan, chairman-cum-managing director of Star Health.

“Star Health is India’s first and leading stand-alone health insurance company in a country where less than 3% of the population has purchased individual and family health insurance,” said Matteo Stefanel, Apis Partners’ co-founder and managing partner.

“Star Health has demonstrated significant growth under Jagannathan’s leadership and we are pleased to participate in the capital raise, alongside Apis Partners, to fund the growth plans of the company in a sector that is witnessing a huge growth momentum,” said Prashant Purker, managing director and chief executive officer of ICICI Venture.

In 2010, ICICI Venture had invested Rs.120 crore (US$18m) in Star Health for a minority stake.
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This story was first published on Livemint

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.