Bajaj Finserv acquires Vidal Healthcare Services in Rs 325 crore deal

Mumbai: Bajaj Finserv, through its wholly-owned subsidiary Bajaj Finserv Health, has acquired Vidal Healthcare Services, the owner of a third-party administrator business, at an enterprise value of Rs 325 crore. Bangalore-headquartered Vidal Healthcare Services, founded by Girish Rao, owns Vidal Health Insurance TPA Pvt Ltd (VHITPA) and services premiums of over Rs. 5,000 crore, covering 130 million lives. The company facilitates connections between hospitals and insurance companies and has a presence in 125 cities. It caters to individual, group, and government health insurance schemes.

The acquisition is anticipated to conclude in the fourth quarter of FY 2023-24, subject to regulatory approvals. Following the acquisition's completion, Vidal Healthcare and its subsidiaries will become wholly-owned subsidiaries of Bajaj Finserv Health.

Bajaj Finserv Health, a health-tech company under the Sanjiv Bajaj-led Finserv group, was launched in September 2020. It offers services through the Aarogya Care app, aiming to provide personalized prepaid healthcare packages to consumers. The company integrates various components of the health ecosystem to ensure ease of access to quality and affordable healthcare.

Devang Mody, CEO, and wholetime director of Bajaj Finserv Health, stated, “Vidal Health brings deep domain knowledge and vast experience in healthcare administration in India. This, combined with Bajaj Finserv Health’s superior digital experience and data management prowess, enables the company to be uniquely placed to lead the healthcare transformation underway in India.”

The offerings of Bajaj Finserv Health include health coverage from Bajaj Allianz General Insurance and a pre-approved health EMI facility from Bajaj Finance. The company has also empaneled one lakh doctors, 2,100 hospitals, and 5,500 diagnostic laboratories.