MUMBAI : Star Health and Allied Insurance Co Ltd, the health insurer backed by billionaire Rakesh Jhunjhunwala and Westbridge Capital, raised around ₹1,200 crore in a pre-IPO funding round led by Singapore’s state investor GIC, two people aware of the development said. Emails sent to Star Health, GIC and Capital Group remained unanswered. Founded in 2006 as India’s first standalone health insurance provider, Star Health provides health, personal accident and overseas travel insurance. The investor consortium of Westbridge Capital, Rakesh Jhunjunwala and Madison Capital, had in August 2018 agreed to acquire over 90% stake in Star Health from existing investors Star Health Investments Pvt. The proposed IPO will make Star Health the fourth private sector insurance provider to list on the Indian stock exchanges, following HDFC Life Insurance Co. Ltd, ICICI Prudential Life Insurance and ICICI Lombard General Insurance.

Source: Mint June 02, 2021 19:03 UTC