Medi Assist raises ₹198 crore from MIT and affiliate through preferential issue of 37 lakh shares

Insurtech firm Medi Assist Healthcare Services Ltd on Friday (October 10) announced that it has raised ₹198 crore through a preferential allotment of equity shares to the Massachusetts Institute of Technology (MIT) and 238 Plan Associates LLC, an affiliate of MIT.

The company’s Fund Raise Committee approved the allotment of 37,01,000 fully paid-up equity shares having a face value of ₹5 each, issued at a price of ₹535 per share (including a premium of ₹530 per share), aggregating to ₹198,00,35,000. Of this, MIT was allotted 28,90,830 shares worth ₹154.66 crore, while 238 Plan Associates LLC received 8,10,170 shares amounting to ₹43.34 crore.

The company said it had received in-principle approvals from both NSE and BSE on October 3, 2025, for the preferential issue. The newly allotted shares will rank pari-passu with existing equity shares and will be listed on both exchanges following receipt of listing and trading approvals.

Also Read: Medi Assist Q1 net profit rises 19% to ₹22 crore on improved EBITDA, steady revenue growth

The shares will also be subject to lock-in. Following this allotment, Medi Assist’s paid-up equity share capital increased from ₹35.32 crore (7,06,49,862 shares) to ₹37.17 crore (7,43,50,862 shares).

The company said the preferential issue had received unanimous approval from the Board on August 7, 2025, and was backed by 99.15% of shareholders at the Extraordinary General Meeting (EGM) held on September 4, 2025.

Medi Assist stated that the investment reaffirms its mission to lead India’s digital health transformation and strengthen its capital structure to support AI-led health benefit innovations.

The company noted that the capital raise follows its July 2025 acquisition of Fairfax-owned Paramount Health Services & Insurance TPA Private Limited and its June 2025 technology collaboration with Star Health Insurance and Allied Services.

Satish V N Gidugu, Chief Executive Officer, Medi Assist, said, "Technology remains at the core of our operations, enabling us to make healthcare simpler, faster, and more transparent. We are steadfast in our commitment to accelerate innovation in AI-led health benefit solutions that improve member experience and payer outcomes, elevating healthcare access to an unprecedented level for millions of people."

Also Read: Bessemer India likely to sell up to 4% stake in Medi Assist via ₹560-crore block deal

Shares of Medi Assist Healthcare Services Ltd ended at ₹529.85, up by ₹0.65, or 0.12%, on the BSE.