Health insurer Niva Bupa on Thursday said a clutch of private equity funds have committed to invest Rs 800 crore in the company.
India Business Excellence Fund IV (MO Alternate Investment Advisors), Temasek and Paragon Partners Growth Fund II will be investing the money for a minority stake in the company, as per an official statement.
The announcement comes within a fortnight of homegrown private equity major True North announcing a 20% stake sale in the company to Bupa for Rs 2,700 crore, making the U.K.-headquartered company a majority owner in the company.
"This latest injection of capital will play a pivotal role in propelling the company towards its long-term ambitions and strategic objectives," True North's partner Divya Sehgal said.
True North had earlier said that future growth options for the company, in which it continues to hold a minority stake, could also include the public listing.
The company's chief executive and managing director Krishnan Ramachandran said the new set of investors are excited about the market potential.
Niva Bupa became the third largest health insurer in the country in FY23, with a gross written premium of Rs 4,000 crore, as against Rs 1,000 crore in 2019, and has a presence in nearly every district of India.
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