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Bengaluru-Based TPA Medi Assist Files DRHP to Raise Funds

Written by : Jayati Dubey

November 30, 2023

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As the startup moves towards a public listing, industry observers and investors are keenly watching how this development will shape the future trajectory of health insurance administration in India.

Medi Assist, a Bengaluru-based TPA (third-party administrator) platform, has filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI).

Having acquired Raksha TPA in March this year, the startup has taken a significant step towards this milestone.

As per a Mint report, this is Medi Assist’s second attempt in filing DRHP to chart IPO route. Back in May 2021, it filed its preliminary papers with SEBI.

The fresh filing for planned initial public offering (IPO) involves the issuance of 2.8 Cr shares offered by existing stakeholders, including promoter Dr Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer Health, and Investcorp Private Equity.

Dr Chhatwal, a seasoned professional who previously led Reliance Health Ventures and Apollo Hospitals, joined Medi Assist in 2007 through a management buyout supported by Bessemer Venture Partners.

While Medi Assist has primarily experienced organic growth in the past five years, aligning with the increased penetration of health insurance, the startup has also pursued a strategy of strategic acquisitions.

These include DHS Health Care, Medicare TPA, Medvantage, and the recently acquired Raksha TPA. Furthermore, the startup expanded its global footprint by acquiring health administrator Mayfair in the UK in November 2022, focusing on serving the Indian diaspora.

"Health insurance penetration has doubled from to 16% from 8% in just over six years, and potentially, in the next five years, it is likely to double again," said Satish Gidugu, CEO and director of Medi Assist.

In response to this dynamic market environment, Medi Assist aims to leverage its market dominance by developing a robust technology platform and network, facilitating seamless integration with healthcare providers.

The DRHP filing marks a pivotal moment for Medi Assist, reflecting its strategic vision and positioning in the evolving landscape of health insurance administration. As the startup moves towards a public listing, industry observers and investors are keenly watching how this development will shape the future trajectory of health insurance administration in India.

In parallel news, Agilus Diagnostics, formerly SRL, submitted its DRHP to SEBI for its forthcoming IPO last month. The IPO structure involves an offer for sale (OFS) of 1.42 Cr equity shares, led by major stakeholders including International Finance Corp, NYLIM Jacob Balls India Fund III LLC, and Resurgence PE Investments Ltd.

Similarly, Entero Healthcare Solutions, an Indian pharma products distribution platform, has also filed its DRHP with SEBI, making its way toward the bourses. The Entero Healthcare Solutions IPO involves a fresh issuance of shares valued at INR 1,000 Cr by the company itself, along with an offer for sale (OFS) of 85.57 Lakh equity shares by 19 selling shareholders.

Established in 2002 by Ganesh Subramaniam, Medi Assist provides a variety of wellness programs and value-added services to both corporate employees and individuals. Additionally, the company offers health benefits administration services, encompassing cashless claims management, reimbursements, pharmacy benefits, planned hospitalisation, and other related offerings.


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