Novo Holdings announces pre-IPO investment in Medi Assist, the top health benefits' administrator in India

COPENHAGEN, Denmark and SINGAPORE, Jan. 23, 2024 /PRNewswire/ -- Novo Holdings today announced its investment in Medi Assist, India's largest health benefits' administrator. The investment marks Novo Holdings Asia Investments' fourth investment in HealthTech, a sector subject to robust growth across the APAC region, and the fifth investment in India.

Medi Assist opened its Initial Public Offering (IPO) for public subscription on January 15th and was subsequently listed on the two main stock exchanges in India – the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) – on January 23rd. Prior to the listing, Novo Holdings had acquired 6% of the pre-offer share capital.

With its advanced tech platform, Medi Assist serves as a one-stop intermediary for insurance companies, government insurance schemes, healthcare providers and insured members. As the largest third-party health benefits' administrator in India, both by revenue and premiums under management, Medi Assist has an extensive pan-India network comprising more than 18,000 hospitals across 1,069 cities, and collaborations with 36 insurers in India and globally. In financial year 2023, Medi Assist supported the settlement of over 5 million insurance claims.

Dr. Amit Kakar, Managing Partner and Head, Novo Holdings Asia Investments, said:

"We are delighted to announce our investment in Medi Assist. The Company is an industry leader that has demonstrated above-market growth, and this trajectory is expected to accelerate on the back of structural tailwinds, especially as the number of Indian lives covered under insurance is expected to double over the next five years. Medi Assist's extensive network and scale enable cost savings for payors and policyholders alike, which could have a positive effect on health outcomes across the country. Further, I am pleased to join a like-minded investor base, capable of supporting Medi Assist on its ongoing journey."

Navjeewan J. Khosla, Partner, Novo Holdings Asia Investments, added:

"Medi Assist has created an advanced tech platform that has greatly enhanced its operational efficiency. Through continued strategic investments in automation, the Company has notably expedited claims processing while driving an uptick in the number of claims processed non-manually. This focus on efficiency and quality has been instrumental in forging enduring partnerships with a wide array of hospitals and insurance companies in India. Furthermore, the Company's adept leadership has been a key factor in establishing its position at the forefront of India's health insurance industry."