Star Health and Insurance, India’s first standalone health insurance company is said to be in talks with Private Equity fund, Bain Capital to raise around ₹1600 crores ($250 Million) in its pre-IPO round. The funding round is expected to value the company at over ₹6400 crores ($1 Billion).
If this deal is completed, it will be the largest investment in an insurance company by a single investor. With this, Bain Capital will buyout the stake held by various investors including Sequoia Capital, ICICI Venture, Tata Capital and Oman Insurance Company. The funding round is advised by Kotak Mahindra Bank, which is in a formal process to find potential investor for the same.
Star Health is set to list itself on the stock exchange later this year, which will make it the first standalone health insurance company from he country to get listed.
Star Health has seen multiple PE round in the last few years. It first raised an investment in 2011 from Sequoia and ICICI, later, Tata Capital picked a stake in 2013.