WestBridge, which manages more than $8 billion in India-focused assets, first backed Star Health more than a decade ago and partially exited during the insurer’s IPO in 2021, has been gradually rebuilding its position in recent quarters, a senior executive said.
In July 2025, the Insurance Regulatory and Development Authority of India (Irdai) approved Kiwi’s R1 application, which is the first step in the licensing process for new general insurers. “Our investment in Star Health was fully disclosed to Irdai during the R1 licensing process for Kiwi, and every subsequent query was addressed to the regulator’s complete satisfaction,” said a WestBridge Capital spokesperson. “As per Irdai’s guidelines, an investment firm can be a promoter in one standalone health insurer, one general insurer, and one life insurer. We continue to be invested in Star Health, where we invested an additional $12 million earlier this year.”
