About Magma HDI General Insurance
Magma HDI General Insurance is a Financial Services company based in Mumbai (India) founded in 2012 by Mayank Poddar. It operates as a health and general insurance provider. It operates on a B2C model. The company has 2,005 employees. Magma HDI General Insurance was last valued at $261.12 million in May 2022. Its focus areas include Insurance, Health Insurance and General Insurance. Its legal entity in India is Magma General Insurance Limited (U66000WB2009PLC136327). Its competitors include ICICI Lombard, Bajaj Finserv and SarvaGram; 2 of its 3 listed competitors have raised funding.
Company details
Magma HDI General Insurance, led by Mayank Poddar as Co-Founder, Sanjay Chamria as Managing Director, specializes in offering financial products and advice, offering insurance products, health insurance, and general insurance. Operates as a health and general insurance provider. The team drives innovation, quality service, and sustainable practices to achieve excellence and client satisfaction.
- Headquarters Mumbai, India
- Employees 2,005
- Founders Mayank Poddar
- Stage Public
- SectorsFinancial Services
- Website category Finance · Insurance
- Website magmahdi.com
- Social X Facebook
- Legal Name Magma General Insurance Limited
- Date of Incorporation 26 Jun, 2009
- Jurisdiction Kolkata, West Bengal, India
- Latest Funding Round$58.03M (USD), Post-IPO
May 2022
- InvestorsMorgan Stanley
& 18 more
- Employee Count2,005
Associated legal entities of Magma HDI General Insurance
Magma HDI General Insurance is associated with 6 registered companies on The Company Check; the primary company is Magma General Insurance Limited. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2024) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Magma General Insurance Limited CIN U66000MH2009PLC460693 | Active | 26 Jun 2009 | Mumbai, Maharashtra | 2,005 | 10 | View details | |
| Magma General Insurance Limited CIN U66000WB2009PLC136327 | 26 Jun 2009 | Kolkata, West Bengal, India | View details | ||||
| Grihum Housing Finance Limited CIN U65922PN2004PLC208751 | Active | 21 Apr 2004 | Pune City, Maharashtra | ₹1,046 Cr | 3,145 | 10 | View details |
| Magma Advisory Services Limited CIN U74999WB2012PLC181922 | Amalgamated | 21 May 2012 | Kolkata, West Bengal | ₹1.0 Cr | 5,284 | 9 | View details |
| Magma Itl Finance Limited CIN U65910WB2007PLC120137 | Amalgamated | 01 Nov 2007 | Kolkata, West Bengal | ₹138 Cr | 161 | 8 | View details |
| Poonawalla Fincorp Limited Listed CIN L51504PN1978PLC209007 | Active | 18 Dec 1978 | Pune, Maharashtra | ₹6,796 Cr | 2,666 | 13 | View details |
Funding Insights of Magma HDI General Insurance
- Total Rounds 4
- Last Round Post-IPO — $58.03M
- First Round $10.74M
(May 2019)
- Investors Count 19
All 4 funding rounds of Magma HDI General Insurance with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| May 2022 | $58.03M | Post-IPO | $261.12M | Sanoti Properties | – |
| Mar 2021 | $72.18M | Post-IPO | – | ICICI Venture, Morgan Stanley | – |
| Apr 2020 | $7.02M | Post-IPO | $100.93M | Poonawalla Fincorp | |
| May 2019 | $10.74M | Post-IPO | $••••• | Serum Institute of India |
| Date | Valuation | Stage |
|---|---|---|
| May 2022 | $261.12M | •••••••• |
| Apr 2020 | $100.93M | •••••••• |
| May 2019 | $••••• | •••••••• |
Full valuation and stage history of Magma HDI General Insurance
Every valuation point, the growth-stage changes (minicorn, soonicorn, unicorn) and the dates behind them require an active premium plan.
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Last known valuation $261.12M (May 2022). 19 investors in total: 6 institutional and 13 angel.
Investors in Magma HDI General Insurance
Magma HDI General Insurance has secured backing from 19 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include Morgan Stanley, Serum Institute of India and Poonawalla Fincorp.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Alternative asset management and investment services in India. | 1988 | iciciventure.com | Mumbai, India | |
Wealth management, investment advisory, and financial services are provided. | 1935 | morganstanley.com | New York, United States | |
Financial service company offering diversified loans for consumers | 1989 | poonawallafincorp.com | Mumbai, India | |
Vaccines and immuno-biological drugs for infectious diseases are manufactured. | 1966 | seruminstitute.com | Pune, India | |
AR Abhishek Ranjan | Angel investor and entrepreneur, focused on tech startups, ex-CEO of Zopper. | unknown_53f99d7fa0ce4be4a | ||
ST Shivendra Tripathi | unknown_10a42de922f04fb3b | |||
VM Vikas Mittal | unknown_3722832009e04f199 | |||
AB Amit Bhandari | Angel investor and entrepreneur, focused on tech startups in India. | unknown_deb7870da76f4feb9 | ||
MR Milan Rajani | unknown_acc286a97a3142b1b | |||
DP Dinesh Pande | unknown_2b888ac3822d436c8 |
Investor details for Magma HDI General Insurance
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Board of directors of Magma General Insurance Limited (Magma HDI General Insurance)
Magma General Insurance Limited is the primary company behind Magma HDI General Insurance. The boards of the 5 registered companies of Magma HDI General Insurance currently have 36 directors; the longest-serving is Sanjay Chamria, appointed in 2007. 126 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Sanjay Chamria DIN 00009894 | Director | 01 Nov 2007 | 19 yrs | Magma Itl Finance Limited, Magma General Insurance Limited |
| Mayank Poddar DIN 00009409 | Director | 27 May 2011 | 15 yrs 5 mo | Magma Itl Finance Limited, Magma General Insurance Limited, Magma Advisory Services Limited |
| Kalyan Kumar Bose DIN 00094327 | Director | 05 Feb 2013 | 13 yrs 8 mo | Magma Advisory Services Limited |
| Stuti Pithisaria DIN 00532808 | Company Secretary | 26 Nov 2013 | 12 yrs 11 mo | Magma Itl Finance Limited |
| Satya Ganguly Brata DIN 00012220 | Director | 20 Aug 2014 | 12 yrs 2 mo | Magma Itl Finance Limited |
| Anand Roy DIN 08218507 | Company Secretary | 12 Oct 2014 | 12 yrs | Magma Advisory Services Limited |
| Gauri Shankar Agarwal DIN 02979228 | CFO | 06 Nov 2014 | 11 yrs 11 mo | Magma Advisory Services Limited |
| Gaurav Parasrampuria DIN 02351007 | CFO | 22 Jan 2015 | 11 yrs 9 mo | Magma General Insurance Limited, Magma Advisory Services Limited |
| Atul Makharia DIN 02001779 | Director | 28 Mar 2015 | 11 yrs 7 mo | Magma Advisory Services Limited |
| Ujjal Dugar DIN 05354422 | Director | 28 Mar 2015 | 11 yrs 7 mo | Magma Advisory Services Limited |
| Sumit Binani DIN 01113411 | Director | 31 Mar 2015 | 11 yrs 7 mo | Magma Itl Finance Limited |
| Rajesh Singhania DIN 02965503 | CFO | 27 Oct 2015 | 11 yrs | Magma Itl Finance Limited |
| Rajive Kumaraswami DIN 07501971 | CEO | 15 Jun 2016 | 10 yrs 4 mo | Magma General Insurance Limited |
| Prabhakar Ramchandra Dalal DIN 00544948 | Director | 05 May 2021 | 5 yrs 5 mo | Poonawalla Fincorp Limited |
| Adar Cyrus Poonawalla DIN 00044815 | Director | 01 Jun 2021 | 5 yrs 5 mo | Poonawalla Fincorp Limited |
| Sanjay Kumar DIN 09466542 | Director | 15 Jan 2022 | 4 yrs 9 mo | Poonawalla Fincorp Limited |
| Sandhya Sharma DIN 02005378 | Director | 08 Nov 2022 | 3 yrs 11 mo | Magma General Insurance Limited |
| Puneet Bhatia DIN 00143973 | Director | 08 Sep 2023 | 3 yrs 1 mo | Grihum Housing Finance Limited |
| Sanjeev Mehra DIN 07491208 | Director | 08 Sep 2023 | 3 yrs 1 mo | Grihum Housing Finance Limited |
| Prem Manjooran DIN 10310018 | Director | 08 Sep 2023 | 3 yrs 1 mo | Grihum Housing Finance Limited |
| Sunil Madhav Samdani DIN 10301175 | Whole-time director | 20 Oct 2023 | 3 yrs | Poonawalla Fincorp Limited |
| Vinesh Mohan Kriplani DIN 08212644 | Nominee Director | 01 Nov 2023 | 3 yrs | Magma General Insurance Limited |
| Kemisha Soni DIN 06805708 | Director | 30 Jan 2024 | 2 yrs 9 mo | Poonawalla Fincorp Limited |
| Richa Arora DIN 07144694 | Director | 13 Mar 2024 | 2 yrs 7 mo | Grihum Housing Finance Limited |
| Arvind Ravinder Kapil DIN 10429289 | Managing Director | 10 Jun 2024 | 2 yrs 4 mo | Poonawalla Fincorp Limited |
| Sudhir Hansraj Kapadia DIN 05307843 | Director | 23 Jul 2024 | 2 yrs 3 mo | Magma General Insurance Limited |
| Sanjay Niranjan Sachdev DIN 00415170 | Director | 23 Jul 2024 | 2 yrs 3 mo | Magma General Insurance Limited |
| Sonal Sanjay Modi DIN 03403571 | Director | 16 Aug 2024 | 2 yrs 2 mo | Poonawalla Fincorp Limited |
| Kewal Kundanlal Handa DIN 00056826 | Director | 01 Oct 2024 | 2 yrs 1 mo | Poonawalla Fincorp Limited |
| Rajeev Sardana DIN 06648276 | Director | 18 Dec 2024 | 1 yr 10 mo | Poonawalla Fincorp Limited |
People of Magma HDI General Insurance
32 people are tracked at Magma HDI General Insurance (20 in leadership, 6 in board & advisors, 6 in team); the tracked headcount is 2,005.
| Name | Role | Group |
|---|---|---|
| Co-Founder | Leadership | |
| Managing Director | Leadership | |
Kishore Khanchandani | Chief Risk Officer | Leadership |
Mayank Tantia | Senior Vice President Operations | Leadership |
| Managing Director & CEO | Leadership | |
Jinesh M. Shah | Chief Investment Officer | Leadership |
Amit Thapliyal | Chief Technology Officer | Leadership |
Anil Kumar S | Chief Human Resources Officer | Leadership |
Amit Raheja | Head, Legal, Secretarial & Chief Compliance Officer | Leadership |
Amit Bhandari | Chief Technical Officer | Leadership |
Vikas Mittal | Deputy CEO | Leadership |
Sanjeev Punn | Head, Operations | Leadership |
Nitin Jain | Head, Corporate Sales & Broking | Leadership |
Pankaj Chaudhary | Head, Marketing | Leadership |
Amit Sirsikar | Business Head - Health | Leadership |
Dinesh Pande | Head, OEM & Bancassurance | Leadership |
Hemant Trivedi | Head, Commercial Underwriting | Leadership |
Karan Purohit | Vice President & Head - Legal Claims | Leadership |
Vishal Kotak | Head Application | Leadership |
Milan Rajani | Head Reinsurance | Leadership |
12 more people are available in the full profile.
Complete people profiles for Magma HDI General Insurance
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Timeline of Magma HDI General Insurance
5 dated milestones of Magma HDI General Insurance across 18 years, from founding to its latest funding, stage changes and deals.
- IPO Lists on the stock exchange (IPO).
- Founded Magma HDI General Insurance is founded.
- Funding First funding round of $10.7M.
- Milestone Reaches Minicorn status.
- Funding Latest funding round, Post-IPO, of $58.0M.
Competitors of Magma HDI General Insurance
Magma HDI General Insurance has 3 listed competitors in our database, 2 of them funded. They include ICICI Lombard, Bajaj Finserv and SarvaGram.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| icicilombard.com | 2001 | Mumbai, India | $306.52M | 15,275 | Life, health, and general insurance services are provided across India. | |
| bajajfinserv.in | 2007 | Pune, India | 53,782 | Financial solutions including loans and insurance are offered. | ||
| sarvagram.com | 2018 | Pune, India | $118.01M | 2,468 | Provider of home, personal, farm and business loans |
Detailed competitors of Magma HDI General Insurance
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Web traffic of Magma HDI General Insurance
Websites that share an audience with Magma HDI General Insurance (magmahdi.com).
- Unique visitors2.5K
per month
- Global rank#4,068,409
among all websites
- Category rank#8,736
Finance · Insurance
- Bounce rate56%
- Pages per visit1.4
- Average visit42 sec
- DevicesDesktop 21% · Mobile 79%
Websites whose visitors overlap most with Magma HDI General Insurance. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| magmainsurance.com | 100% | 82.7K | #393,656 | View details | |
| hizuno.com | 70% | 168.4K | #236,024 | View details | |
| shriramgi.com | 66% | 358.3K | #95,590 | View details | |
| eindiainsurance.com | 66% | 13.7K | #3,333,275 | View details | |
| universalsompo.com | 66% | 227.5K | #202,321 | View details | |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
All 23 similar websites and full traffic analytics for Magma HDI General Insurance
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Top companies in Health Insurance Providers
3 companies that operate in the same segment as Magma HDI General Insurance (Health Insurance Providers) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Offers insurance for health, vehicles, travel, life, and commercial needs. | 2001 | Pune, Maharashtra, India | 8,624 | |||
Provision of health and travel insurance services in India. | 2012 | Gurugram, Haryana, India | 14,959 | |||
Provision of health insurance services in India. | 2018 | Andheri, Maharashtra, India | 95 |
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Related news about Magma Hdi General Insurance
Complete news archive for Magma HDI General Insurance
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Frequently Asked Questions about Magma HDI General Insurance
Magma HDI General Insurance was founded in 2012 and raised its 1st funding round 7 years after it was founded.
Magma HDI General Insurance is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.
Magma HDI General Insurance has 2,005 employees.
Magma HDI General Insurance, led by Mayank Poddar as Co-Founder, Sanjay Chamria as Managing Director, specializes in offering financial products and advice, offering insurance products, health insurance, and general insurance. Operates as a health and general insurance provider. The team drives innovation, quality service, and sustainable practices to achieve excellence and client satisfaction.
Magma HDI General Insurance's top competitors include ICICI Lombard, Bajaj Finserv and SarvaGram.
Magma HDI General Insurance has 19 investors. Key investors include Morgan Stanley, Serum Institute of India, Poonawalla Fincorp, ICICI Venture, and Sanoti Properties.
The valuation of Magma HDI General Insurance is $261.12M as of May 2022.
Magma HDI General Insurance is associated with 5 legal entities: Magma General Insurance Limited, Magma Itl Finance Limited, Poonawalla Fincorp Limited and others.
The legal entities of Magma HDI General Insurance currently have 40 directors, including Mayank Poddar, Stuti Pithisaria, Rajesh Singhania and others.