Star Health

Invested September 1, 2016. Partial exits March 2019, December 2021, July 2023


Star Health & Allied Insurance Company Limited (‘Star Health’) is the #1 Private Retail Health Insurer in India with a market share of c. 50% among stand-alone private players, and a 22% market share overall (including general insurers) in retail health insurance for the 6 months ending September 2017. Founded in 2006, it has the largest footprint amongst all the stand-alone health insurance companies through its 223 thousand agents across 22 states.



Mumbai, India






Health Insurance


Apis Growth Fund I

Where did the idea behind Star Health come from?

Star Health is the brainchild of V. Jagannathan, who formerly headed public sector insurer United India Insurance. In 2006, current management team founded the Company and focused on Government business. In 2010, the management team increased focus on the retail health segment and gradually moved away from the Government business after identifying a key gap in the market for affordable and quality health insurance plans.


Which are the biggest opportunities for Star Health’s business?

There is still significant runway ahead for continued growth in the health insurance industry. Health insurance has grown at c. 2.5x GDP per capita yet Indian health expenditure per capita remains low in comparison to other emerging markets and remains a market where overall healthcare expenditure is primarily covered out of pocket.


How does Star Health contribute to its local audience?

One of the key success attributes of Star Health is the diverse customized plans it offers which target different affordability thresholds, plans covering diagnosed illnesses such as cancer and diabetes as well as flexible family covers. Star Health tries to provide policies that fit everyone’s specific needs.

“Apis is associated with us since 2016 and wholeheartedly I should say it’s really a pleasure to work with them.

“They’re supportive, they understand they’re very encouraging by nature.”

— V. Jagannathan, Chairman and CEO, Star Health