Medi Assist Healthcare Services, backed by Bessemer Ventures, has acquired a majority stake in Mayfair We Care (Mayfair), a UK-based healthcare administration service provider, for an undisclosed cash sum.

The acquisition is Medi Assist’s second in less than two months, and the company is also planning an initial public offering (IPO). The company acquired Mumbai-based Medvantage Insurance, a third-party administrator (TPA) of health insurance, in September.

The acquisition marks TPA’s first foray into the international market as it expands beyond India, where it currently has 47 offices in 17 states serving over 9500 corporate clients.

It also will have a presence in niche domains like seafarers, international education market, and international sports teams. Mayfair We Care global healthcare network provides access to over 100,000 members across 150 countries.

It also will have a presence in niche domains like seafarers, international education market, and international sports teams. Mayfair We Care global healthcare network provides access to over 100,000 members across 150 countries.

Gidugu did not give a timeline on the IPO, but said the company is focused on completing the acquisitions and integrations.

Medi Assist reported a total income of Rs 393 crore in the financial year ended March 2022. The company was looking to raise over Rs 850 crore, according to its draft red herring prospectus with the Securities and Exchange Board of India in May 2021.

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