The deal is expected to be worth approximately $4.3m. Credit: Marcelo Leal on Unsplash.

Medi Assist, a health insurance third party administrator (TPA) in India, is set to acquire 100% stake in Medvantage Insurance TPA.

Medvantage Insurance, which is based in Mumbai, has corporate clients such as Microsoft and Wells Fargo in its roster.

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The deal is expected to be worth approximately INR350m ($4.3m), India Infoline News Service reported citing industry experts.

To this end, both the companies have entered into an agreement last week.

They now await the clearance from Insurance Regulatory and Development Authority (IRDA).

The merger will enable Medvantage’ customers to access Medi Assist’s cashless hospital network and other services that the company plans to offer.

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Medi Assist chief executive Satish Gidudu said: “The acquisition will help the country’s largest TPA to raise its market share in the corporate side of the business to 30% from 27%.”

“Medvantage has over 100 high-quality corporate accounts which has prompted us to explore this acquisition,” he added.

Medvantage chairman Nimish Parekh said: “As the industry evolves, scaling up any business becomes important. Given the size of our business, it is difficult to scale it up. That’s why we thought of a strategic fit for our existing stakeholders and Medi Assist fits this perfectly.”

Medi Assist is India’s first TPA to service healthcare premiums of over Rs100bn ($1.2bn). It serviced over 45 million policyholders across group and retail policies as of January 2022, according to financial daily Mint.

Indian health insurance space is witnessing spate of deals. Recently, reports emerged that Religare is looking to raise INR3bn ($37.64m) via rights issue to support its health insurance business.

Recently, insurance technology startup Zopper raised $75m in a Series C funding round led by Creaegis.