Niva Bupa to seize Rs 800 crore from Motilal Oswal Alternate Investment, Temasek Paragon Partners

Four years after choosing up a majority stake from Max in Max Bupa Neatly being Insurance protection (now Niva Bupa Neatly being Insurance protection), homegrown within most equity agency Shapely North struck its most attention-grabbing deal on September 30 by ceding control to JV partner Bupa.

October 12, 2023 / 10:52 PM IST

fund elevate

Moneycontrol was once the first to call the consortium of traders for the extra Niva Bupa capital elevate in a newsbreak dated September 30.

Niva Bupa Neatly being Insurance protection, which is backed by Bupa and residential-grown within most equity agency Shapely North, is all site to welcome contemporary traders who possess committed to collectively make investments around Rs 800 crore within the firm for a minority stake, topic to regulatory approval, the main standalone medical health insurance agency disclosed in an decent assertion.

The traders encompass India Alternate Excellence Fund IV [Motilal Oswal Alternate Investment Advisors, a subsidiary of Motilal Oswal Financial Services], Temasek and Paragon Partners Development Fund II, amongst others.

Moneycontrol was once the first to name the consortium of traders for the extra Niva Bupa capital elevate in a newsbreak dated September 30.

Talking on the enchancment, Krishnan Ramachandran, MD & CEO of Niva Bupa Neatly being Insurance protection talked about: “India provides tall mutter alternative for the medical health insurance industry. Our existing joint project companions, in conjunction with the contemporary site of traders who're coming on board, are concerned with the market doable and are committed to working with us to democratize medical health insurance in India.”

Divya Sehgal, Accomplice, Shapely North talked about, “Niva Bupa has experienced significant mutter in contemporary years. This mutter is a end result of synergies between Shapely North and Bupa, in conjunction with our co-traders in our keeping vehicle, Fettle Tone and the definite role done by Faering Capital over the lifestyles of the funding. We're undoubtedly at ease to welcome contemporary traders who shall be a part of us in Niva Bupa's ongoing chase. Every of our traders brings a wealth of experience across diversified dimensions of our industry and possesses a profound working out of the insurance ecosystem. This most up-to-date injection of capital will play a pivotal role in propelling the firm in direction of its lengthy-timeframe ambitions and strategic objectives.”

Kotak Investment Banking is the outlandish monetary handbook to Shapely North and Niva Bupa, the decent assertion added. Niva Bupa has grown at a like a flash tempo with a CAGR of 49 percent since FY20. In this length, it has doubled its retail market piece from 4.2 percent in FY20 to 8.4 percent in FY23, the assertion added.

Four years after choosing up a majority stake from Max in Max Bupa Neatly being Insurance protection (now Niva Bupa Neatly being Insurance protection), homegrown within most equity agency Shapely North struck its most attention-grabbing deal yet on September 30 by ceding control to JV partner Bupa.

Shapely North, which also backs NBFC FedFina and Fincare Miniature Finance Bank, presented that it had agreed to promote a 20 percent stake to Bupa for around Rs 2,700 crore, which is entertaining to end result within the British agency's stake going up to 63 percent. Post the twin provides with Bupa and the contemporary site of traders, Shapely North's stake is expected to face at around 28 percent.

ALSO READ: Niva Bupa grew 4x in 4 years; would possibly possibly possibly additionally unbiased try IPO in 15 months, says Shapely North's Divya Sehgal 

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