Life science investor Novo Holdings, the venture capital arm of Novo Nordisk Foundation, has invested in Medi Assist, one of India’s largest health benefit administrators, according to an announcement.
The investment marks Novo Holdings Asia Investments’s fourth investment in the healthtech sector and its fifth in India.
Medi Assist opened its initial public offering (IPO) for public subscription on January 15 and was subsequently listed on the two main stock exchanges in India—the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE)—on January 23.
Prior to the listing, Novo Holdings had acquired 6% of the pre-offer share capital.
Medi Assist is a third-party health benefit administrator in India, connecting insurance companies, policyholders, healthcare providers, and public health scheme beneficiaries. The organisation boasts a scalable, technology-enabled infrastructure designed for the health insurance ecosystem.
The company claims that its pan-India network covers 18,754 hospitals across 1,069 cities and towns in India, and it has a global presence through its UK-based subsidiary Mayfair We Care. In the financial year 2023, Medi Assist supported the settlement of over 5 million insurance claims.
“Medi Assist’s extensive network and scale enable cost savings for payers 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,” said Dr Amit Kakar, Managing Partner and Head, Novo Holdings Asia Investments.
Most recently, Novo Holdings co-led a $100 million Series A funding round in biopharmaceutical company OnCusp Therapeutics along with other investors including OrbiMed and F-Prime Capital. Other investments of Novo Holdings in Asia are Doctor Anywhere and Esco Lifesciences.
Novo Holdings is a holding and investment company responsible for managing the assets and wealth of the Novo Nordisk Foundation. Through its seed, venture, growth, and principal investments teams, Novo Holdings invests in life science companies at all stages of development.
Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the foundation is to improve people’s health and the sustainability of society and the planet.
In 2020, Novo Holdings expanded into Asia, setting up an office in Singapore.