Health insurance provider Star Health and Allied Insurance Company Limited has raised Rs.320 crore to strengthen its solvency margin. According to V. Jagannathan, Chairman-cum-Managing Director, the funds have been raised from Apis Growth Fund I, a private equity fund managed by Apis Partners LLP and India Advantage Fund Series 4, a private equity fund managed by ICICI Venture. While Apis is a new investor, India Advantage has increased its stake in Star Health. The funds were raised through issuance of new shares. The details of individual investments were not disclosed. Apis Partners is a private equity asset manager focused on financial services in the growth markets of Africa and Asia.
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