reported a total income of ₹393.3 crore in FY22. Medvantage reported a total income of ₹28 crore in FY21, as per its annual report.
Medi Assist, which had filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) in May 2021, was looking to raise over ₹850 crore in its initial public offering. “Medi Assist will now service over ₹10,000 crore of health insurance premiums as part of its Corporate portfolio and also command a market share of close to 30% in this segment," the company said. “The digital-first service focus at Medi Assist has been the cornerstone of our growth story.
The acquisition is a great strategic and cultural fit," said CEO of Medi Assist, Satish Gidugu. The deal helps Medvantage and its customer access to Medi Assist’s pan-India network of hospitals, AI/ML, automation and fraud prevention technologies.
Medi Assist is backed by investors including Bessemer Health and Investcorp Private Equity. This is Medi Assist’s third acquisition in the space, which previously acquired Dedicated Healthcare Services (DHS) TPA in 2016 and Medicare TPA in 2018.