Star Health and Allied Insurance Co Ltd, a Chennai-based health insurance company, is eyeing Rs 400 crore ($60 million) funding for its expansion plans, according to a report by The Economic Times citing the company’s managing director V Jagannathan.
In August Last year, VCCircle had first reported that the health insurance firm is looking to raise Rs 200 crore and about half of the money would come from its existing investors.
The company had appointed JM Financial as the banker for the funding.
An email query sent to company’s spokesperson on whether the firm has increased the target or is it a separate fundraise plan, did not elicit any response till the time of filing this article.
Founded in 2006, Star Health is a joint venture between ICICI Venture, Sequoia Capital, Tata Capital Growth Fund and Oman Insurance Company. It offers individual and group health insurance products like personal accident, mediclaim and overseas travel insurance services.
The company operates through a network of 290 branches.