Apis, ICICI invest in India's Star Health

The firms will take a minority stake in Star Health, according to a release; financial terms were not disclosed, but reports in Indian media have put the size of the deal at around INR3.2 billion ($47 million). ICICI Venture is an existing investor in Star Health, having joined a consortium including The Carlyle Group and Sequoia Capital that bought a 15-20% stake in the company in 2010 for $100 million.

Star Health will use the new capital to support its expansion plans, while also taking advantage of Apis and ICICI Venture's knowledge of financial technology. Apis will take a seat on the company's board.

"Star Health has consistently demonstrated its strength in the Indian health insurance market and has relentlessly focused on putting the customer at the center of the organization, leveraging technological infrastructure, international best practice and true product innovation," said Matteo Stefanel, co-founder and managing partner at Apis. 

Founded in 2006, Star Health is India's largest stand-alone retail health insurance provider. It serves more than 3.7 million customers and maintains 300 branch offices across India, along with a network of over 7,500 hospitals. It claimed gross premium income in excess of INR20 billion for the year ended March 2016.

Apis, based in the UK, launched its first growth capital fund in 2014 for financial technology investments in Asia and Africa. India deals include a $25 million round earlier this year for payments service provider Electronic Payments and Services.

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• Topics
• South Asia
• Healthcare
• Financials
• Expansion
• India
• ICICI Venture Funds Management Company
• Apis Partners
• insurance