Medi Assist Healthcare Services Ltd IPO

Medi Assist Healthcare Services Limited was incorporated on June 7, 2000 as a private limited company under the Companies Act 1956, with the name Net Logistics Private Limited and a certificate of incorporation granted by the Registrar of Companies, Karnataka at Bengaluru. Subsequently, the name of the Company was changed to Medi Assist Healthcare Services Private Limited with a fresh certificate of incorporation granted by the Registrar of Companies, Karnataka at Bengaluru on November 21, 2012. Pursuant to the conversion of the Company to a public limited company and as approved by the shareholders of the Company pursuant to a special resolution dated February 27, 2018, the name of the Company was changed to Medi Assist Healthcare Services Limited and the Registrar of Companies, Karnataka at Bengaluru issued a fresh certificate of incorporation on March 20, 2018.

A third party administrator is an organization that processes health insurance claims on behalf of insurance companies. Third party administrators were envisaged as a link between the insurer, healthcare service provider, and the policy holder. The insurers are expected to take risks, set the premium rates, and undertake the marketing and enrolment, while third party administrators are expected to take over the claims processing function. As of September 2023, 16 third party administrators operate in India, providing services to public and private health insurance companies. Their services help improve efficiency and reduce costs for insurance companies while providing valuable support and assistance to policyholders.

Its business is conducted through the Company, Medi Assist Healthcare Services Limited, which is a holding company and proposed to be listed following the Offer, and through its nine subsidiaries of which four are direct subsidiaries and five are indirect subsidiaries. The Company provides third party administration services to insurance companies through its wholly owned Subsidiaries, Medi Assist TPA, Medvantage TPA (from February 13, 2023) and Raksha TPA (from August 25, 2023). A third party administrator is an organization that processes health insurance claims for insurance companies and provides services such as policy administration, customer service and network management, among others. As a third party administrator, the company acts as a facilitator between (a) insurance companies and their policy holders, (b) insurance companies and healthcare providers (such as hospitals), and (c) the Government and beneficiaries of public health schemes. Its Subsidiaries, Medi Assist TPA and Medvantage TPA, contributed to 96.32% of its revenue from contracts with customers in the Financial Year 2023 and its Subsidiaries, Medi Assist TPA, Medvantage TPA and Raksha TPA contributed 92.98% of its revenue from contracts with customers in the six months ended September 30, 2023. The Company also facilitates other healthcare and ancillary services such as hospitalization services, call centre services, customer relations and contract management services, billing services and claims processing services through the Company and its other Subsidiaries, IHMS, Mayfair India, Mayfair UK, Mayfair Group Holding, Mayfair Philippines and Mayfair Singapore. The Company has developed a pan-India healthcare provider network which comprises 18,754 hospitals across 1,069 cities and towns and 31 states (including union territories) in India and network across 141 countries globally, as on September 30, 2023.