MUMBAI: Third-party insurance administrator Medi Assist Healthcare Services, whose shares are publicly traded on stock exchanges, has said it has received an investment of Rs 198 crore from the famed Massachusetts Institute of Technology (MIT) and 238 Plan Associates, which is an affiliate of the MIT.
The Bengaluru-based health benefits company said the investment is done through a preferential allotment on a private placement basis, under which Medi Assist has issued 37,01,000 fully paid-up equity shares with a face value of Rs 5 each, at an issue price of Rs 535 per share, for a total consideration of Rs 198 crore.
The capital infusion closely follows acquisition of the Fairfax-owned Paramount Health Services & Insurance TPA in July 2025 by Medi Assist Insurance TPA, a wholly-owned subsidiary of Medi Assist and Medi Assist’s strategic collaboration for technology solutions in June 2025 with the leading standalone health insurer Star Health Insurance.
This investment from the MIT reaffirms our mission to spearhead digital health transformation in the country, said Satish VN Gidugu, chief executive of Medi Assist.
Medi Assist provides comprehensive health benefits administration services using a technology platform and innovative offerings to the broader health insurance ecosystem connecting insurers and policyholders, insurers and hospitals, and the government and beneficiaries of public health schemes, through its two wholly-owned subsidiaries--Medi Assist TPA and Paramount Health Services and Insurance TPA.
Medi Assist went public through an offer-for-sale only IPO in January 2024. Its shares were issued at a price band of Rs 397-418 with a total issue size was of 1,172 crore. The shares are traded on both the BSE and the NSE, becoming the first from the TPA industry.