The story
The company was founded as Max Bupa Health Insurance in 2008 as a 74:26 joint venture between Max India and Bupa, with operations starting in 2010. It distributed its policies through its agents and bancassurance partners.
In 2015, Bupa increased its stake in the company to 49%, after acquiring a 23% stake from Max India for ₹191 crore (US$29.77 million).
In February 2019, Max India's entire 51% stake was acquired by Fettle Tone LLP, an affiliate of Indian private equity firm True North, for ₹510 crore (US$72.42 million).
In 2023, True North announced that it would sell a 20% stake in the company to Bupa for ₹2,700 crore (US$280 million), making Bupa the majority shareholder at 63%.
In November 2024, Niva Bupa went public with an initial public offering and listed on the NSE and BSE, with Bupa continuing as the sole promoter after the IPO with an ownership of over 55%.
From Wikipedia’s article on Niva Bupa, shared under CC BY-SA 4.0.4