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Corporation
manipal.com

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Investments

4

Portfolio Exits

2

About Manipal Group

Manipal Group invests in companies making products and providing services.

Manipal Group Headquarter Location

III Floor North Block 47 Dickenson Road

Bengaluru, 5600042,

India

+91 8025587132

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Latest Manipal Group News

ManipalCigna Health Insurance waives off co-payment for COVID treatment to senior citizens

May 11, 2020

Prasun Sikdar ManipalCigna Health Insurance Company Limited, a joint venture between Manipal Group, an eminent player in the field of healthcare delivery and higher education, U.S. based global health service leader, Cigna Corporation, and Indian conglomerate TTK Group, has waived off the mandatory co-payment clause for senior citizens aged 65 years and above if they need treatment for COVID-19. The decision has been taken to safeguard the most vulnerable population of our society and ensure that the cost is not a barrier for them in getting the care they need related to COVID-19 treatment, according to a press release. Prasun Sikdar, Managing Director and CEO, ManipalCigna Health Insurance Company Limited said, “At moments like this, our first and foremost priority is to do all we can to protect the health and well-being of our customers. The unexpected expense for COVID-19 treatment can jeopardize a family’s financial security, thus we have taken this early action to give our customers greater peace of mind in these trying times and to help them focus their energies on fighting the virus and not on their medical bills.” The mandatory co-payment refers to an arrangement in which the policyholder will need to pay a portion of the medical expenses on their own and the insurance company will pay the remaining amount. For example, Mr. Raj Arora aged 65 years, has a 20% mandatory co-payment for his ManipalCigna ProHealth Insurance policy. He had to undergo treatment for COVID-19. The total medical expenditure came to Rs. 5 lacs. Due to the applicable co-payment clause, Mr. Arora would have to bear 20% of Rs. 5 lacs, i.e., Rs. 1 lac on his own, while ManipalCigna Health Insurance will pay the balance 80%% of the expense i.e., Rs. 4 lacs. With the relaxation, this 20% mandatory co-payment will also be borne by ManipalCigna. ManipalCigna ProHealth customers aged 65 years and above can avail co-payment waiver benefit for the claims arising due to COVID-19 treatment, until 31st August 2020. This is applicable for the customers of ProHealth Insurance plans who have the obligation of mandatory co-payment benefits and policy is issued on or before 30th April 2020. To further ease the processes, the company has introduced a simplified claim filing process that customers can conveniently access digitally and on phone from the comfort of their homes. In addition, the Company has launched Care calls under ManipalCigna’s ‘WeCare4U’ initiative for senior citizens above 65 years and pre-existing co-morbidities, to help improve their awareness and take care of their health equipping them to defend against COVID-19 or other infectious diseases. By Priyanka Pani

Manipal Group Investments

4 Investments

Manipal Group has made 4 investments. Their latest investment was in Cigna TTK as part of their Corporate Minority - III on September 9, 2018.

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Manipal Group Investments Activity

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Date

Round

Company

Amount

New?

Co-Investors

Sources

9/21/2018

Corporate Minority - III

Cigna TTK

Yes

1

8/23/2018

Seed VC

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10

9/1/2017

Corporate Minority

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10

5/9/2017

Seed VC

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10

Date

9/21/2018

8/23/2018

9/1/2017

5/9/2017

Round

Corporate Minority - III

Seed VC

Corporate Minority

Seed VC

Company

Cigna TTK

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Amount

New?

Yes

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Co-Investors

Sources

1

10

10

10

Manipal Group Portfolio Exits

2 Portfolio Exits

Manipal Group has 2 portfolio exits. Their latest portfolio exit was Jigsaw Academy on November 25, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/25/2021

Acquired - II

$99M

1

9/30/2021

Acquired

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$99M

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10

Date

11/25/2021

9/30/2021

Exit

Acquired - II

Acquired

Companies

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Valuation

$99M

$99M

Acquirer

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Sources

1

10

Manipal Group Acquisitions

1 Acquisition

Manipal Group acquired 1 company. Their latest acquisition was Jigsaw Academy on June 12, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

6/12/2019

Series A

$99M

$3M

Acquired

1

Date

6/12/2019

Investment Stage

Series A

Companies

Valuation

$99M

Total Funding

$3M

Note

Acquired

Sources

1

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