Magma HDI general insurance raises Rs 525 cr from various investors

ICICI Venture, Morgan Stanley PE Asia, Cyza Chem have put in money

ICICI Venture, Morgan Stanley Private Equity Asia, Cyza Chem Pvt Ltd, a Poonawalla group company, and two other family offices are putting in Rs 525 crore in Magma HDI General Insurance, a joint venture between Magma Fincorp Limited and HDI Global SE, Germany. 

Of the Rs 525 crore, the fresh capital infusion will be to the tune of Rs 250 crore in the company, which will provide growth capital to meet the needs of expanding distribution capabilities of the company. The existing Magma group entities have done a secondary sale, which is to the tune of Rs 275 crore. The