Insurtech startup Medi Assist announced its acquisition of Raksha Insurance to expand its presence in the Indian insurance market. The move is aimed at boosting Medi Assist’s capabilities in health insurance and employee benefits and is expected to create a stronger combined entity in the sector.
Raksha Insurance is a Mumbai-based company that specializes in providing insurance products for SMEs and retail customers. The acquisition will provide Medi Assist with an opportunity to increase its reach and offer its services to a wider customer base across India. The terms of the deal were not disclosed.
With this acquisition, Medi Assist will gain access to Raksha Insurance’s network of distribution partners and customers, enabling it to scale its operations in the health insurance segment. Medi Assist will also be able to leverage Raksha Insurance’s expertise in group insurance products to expand its portfolio of offerings.
Speaking about the acquisition, Satish Gidugu, CEO of Medi Assist, said, “The acquisition of Raksha Insurance is a strategic move that aligns with our vision to become the preferred partner for health benefits in India. We are excited to welcome Raksha Insurance’s employees, distribution partners, and customers into the Medi Assist family, and we look forward to working together to create value for all stakeholders.”
According to industry experts, the acquisition of Raksha Insurance is a significant move for Medi Assist, as it strengthens its position in the highly competitive Indian insurance market. With the addition of Raksha Insurance’s customer base and distribution network, Medi Assist is expected to achieve greater scale and reach, enabling it to offer more innovative products and services to its customers.
Medi Assist was founded in 2002 and is headquartered in Bangalore. The company provides a range of health insurance services to its customers, including online claims processing, telemedicine consultations, and wellness programs. With the acquisition of Raksha Insurance, Medi Assist aims to become a leader in the Indian health insurance market, offering comprehensive and innovative products and services to its customers across the country.
