Max Bupa

Delhi, India Founded: 2008 • Age: 18 yrs Listed Acquired By True North Fortune India 500 · #427 Fortune MNC 500 · #137

Health insurance services are provided by Max Bupa in India.

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Page last updated 19 Oct 2026

About Max Bupa

Max Bupa is a publicly listed company based in Delhi (India) founded in 2008, and was acquired by True North in February 2019. Health insurance services are provided by Max Bupa in India. Its Indian entity Niva Bupa Health Insurance Company Limited reported revenue of ₹6,697 Cr. Max Bupa offers products and services including ReAssure2.0, Maternity Plan, Senior Citizen Plan, and Diabetes Plan. Its focus areas include Insurance Carriers and Health. Its competitors include Star Health and Allied Insurance, Niva Bupa and Care Health Insurance; 3 of its 3 listed competitors have raised funding.

Company details

Max Bupa was established in 2008 and is based in Delhi, India. Health insurance is delivered as the primary sector focus, with operations centered on the Indian market. Coverage options for hospitalization, outpatient care, and critical illnesses are made available to policyholders. Services are accessed via the domain maxbupa.com, supporting individual and group plans across urban and rural areas.

Max Bupa is ranked #427 on the Fortune India 500 (2025) and #137 on the Fortune MNC 500 India (2026).

Recognitions & Rankings of Max Bupa

Fortune India 500 2025 edition

Rank#427

Total income: ₹5,530 Cr
Profit: ₹214 Cr

Last year #475

Fortune MNC 500 India 2026 edition

Rank#137

Total income: ₹5,530 Cr
Profit: ₹214 Cr

Headquarters Delhi, India
Stage Acquired
Sectors
Financial Services
Email
••••••••
Phone
•••• ••••
Website maxbupa.com
Social LinkedIn X Facebook YouTube
Acquired by True North (Feb 2019)
Legal Name Niva Bupa Health Insurance Company Limited
Date of Incorporation 05 Sep, 2008
Jurisdiction New Delhi, Delhi, India

Operational Areas

Financial Services → Insurance & Risk Management

Key Metrics

Market Cap
₹13,466 Cr
NIVABUPA · NSE
Share Price
₹72.65
-0.23% today
Revenue
₹6,695 Cr
FY 2025-26 · +24.6% YoY
EBITDA
₹160 Cr
Margin 2.4%
Net Profit
₹131 Cr
FY 2025-26 · -38.8% YoY
P/E (TTM)
77.2x
P/B 3.6x
ROE
3.0%
ROCE 3.1%
Debt / Equity
0.07
Interest cover 0.0x
Investors
True North
Acquired by
True North
(Feb 2019)

Associated legal entities of Max Bupa

Max Bupa operates through Niva Bupa Health Insurance Company Limited, a listed company (active). Its filings, financials, charges and directors are on the company page.

Legal entity	Status	Incorporated	Registered in	Revenue (FY 2026)	Employees	Directors	Company page
Niva Bupa Health Insurance Company Limited Listed CIN L66000DL2008PLC182918	Active	05 Sep 2008	New Delhi, Delhi	₹6,697 Cr	14,588	14	View details

Products & Services of Max Bupa

Max Bupa offers a comprehensive portfolio of products and services, including ReAssure2.0, Maternity Plan, Senior Citizen Plan, and Diabetes Plan.

ReAssure2.0

Health Insurance Plan

Family health coverage with sum insured and renewal benefits

Maternity Plan

Specialized Insurance

Covers pregnancy and related medical expenses

Senior Citizen Plan

Age-Specific Insurance

Tailored health plans for elderly individuals

Diabetes Plan

Condition-Specific Insurance

Insurance for managing diabetes and hypertension

Apps and channels of Max Bupa

Max Bupa publishes 1 mobile app; its YouTube channel Niva Bupa Health Insurance has 24.9K subscribers and 30 videos.

Niva Bupa Health

App Store Health & Fitness 4+

Developer: Niva Bupa Health Insurance Company Limited

View on App Store

Niva Bupa Health Insurance

YouTube 24.9K subscribers 30 videos Howto & Style

Open channel

Videos from Max Bupa

The most watched videos on Max Bupa's YouTube channel, Niva Bupa Health Insurance (24.9K subscribers). Click a video to play it here.

Health Insurance for Pregnant Women and Newborn in India - Maternity Insurance Policy in India Hindi

5.7K views

Niva Bupa Reassure 3.0 | Niva Bupa Health Insurance Features | Unlimited Health Cover, Zero Wait

2.8K views

Niva Bupa ReAssure 3.0 | Unlimited Cover Health Insurance Policy | Niva Bupa Health Insurance Hindi

2.8K views

Health Insurance Agent Kaise Bane - How does Health Insurance Agent Career Look Like?

2.7K views

Investors in Max Bupa

Max Bupa has secured backing from 1 investor, including venture fund investors. Prominent investors backing the company include True North.

All

Venture Fund

Investor	Description	Founded Year	Domain	Location
True North	Private equity is invested by True North in mid-market companies.		truenorth.co.in	Mumbai, India

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Investor details for Max Bupa

The complete investor list, round-by-round participation and investor portfolios require an active premium plan.

Complete investor list
Round participation
Investor portfolios
Co-investor network

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Board of directors of Niva Bupa Health Insurance Company Limited (Max Bupa)

Niva Bupa Health Insurance Company Limited is the primary company behind Max Bupa. The board of Niva Bupa Health Insurance Company Limited currently have 11 directors; the longest-serving is David Martin Fletcher, appointed in 2014. 39 earlier directors have ceased.

Director	Designation	Appointed	Tenure	Entity
David Martin Fletcher DIN 07004032	Director	28 Oct 2014	12 yrs	Niva Bupa Health Insurance Company Limited
Ramachandran Krishnan DIN 08719264	Managing Director	01 May 2020	6 yrs 5 mo	Niva Bupa Health Insurance Company Limited
Geeta Dutta Goel DIN 02277155	Director	21 Jun 2024	2 yrs 4 mo	Niva Bupa Health Insurance Company Limited
Mohit Gupta DIN 06427582	Director	13 Dec 2024	1 yr 10 mo	Niva Bupa Health Insurance Company Limited
Vishwanath DIN 11019011	Whole-time director	07 May 2025	1 yr 5 mo	Niva Bupa Health Insurance Company Limited
Ankur Kharbanda DIN 11019017	Whole-time director	07 May 2025	1 yr 5 mo	Niva Bupa Health Insurance Company Limited
Vivek Anant Karve DIN 06840707	Additional Director	15 Sep 2025	1 yr 1 mo	Niva Bupa Health Insurance Company Limited
Roger William John Davis DIN 11417248	Director	29 Jan 2026	9 mo	Niva Bupa Health Insurance Company Limited
Siobhan Djihan Moynihan DIN 11408509	Additional Director	15 May 2026	5 mo	Niva Bupa Health Insurance Company Limited
Christopher Patrick Carroll DIN 11527069	Additional Director	15 May 2026	5 mo	Niva Bupa Health Insurance Company Limited
Ashwani Bhatia DIN 07423221	Additional Director	03 Jun 2026	4 mo	Niva Bupa Health Insurance Company Limited

IPO & Listings of Max Bupa

Max Bupa is a publicly listed company on the NSE with ticker symbol NIVABUPA in India, operating in the Insurance sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

Listed onNSE: NIVABUPA
Listed entityNiva Bupa Health Insurance Company Limited
Exchange sectorInsurance

Financials of Max Bupa

Exchange-reported figures of Niva Bupa Health Insurance Company Limited, the listed company behind Max Bupa (NSE: NIVABUPA).

Financial Highlights

FY 2025-26 · Standalone

Revenue

₹6,695 Cr

+24.6% YoY

EBITDA

₹160 Cr

+94.0% YoY

Profit After Tax

₹131 Cr

-38.8% YoY

Net Worth

₹3,786 Cr

+0.3% YoY

Total Assets

₹3,452 Cr

+4.4% YoY

Total Debt

₹250 Cr

0.0% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

Metrics	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Income statement
Revenue	6,695	5,374	4,115	2,853	1,877	1,413	1,057
Revenue growth	+24.6%	+30.6%	+44.3%	+52.0%	+32.9%	+33.6%	-
EBITDA	160	82.71	(110)	(330)	(451)	(21.78)	(36.81)
EBITDA margin	+2.4%	+1.5%	-2.7%	-11.6%	-24.0%	-1.5%	-3.5%
Profit before tax	127	214	81.85	12.54	(197)	(49.74)	(61.55)
Net profit	131	214	78.59	11.11	(197)	(49.74)	(61.55)
Net profit margin	+2.0%	+4.0%	+1.9%	+0.4%	-10.5%	-3.5%	-5.8%
EPS (₹)	0.71	1.17	0.48	0.08	(1.40)	(0.37)	(0.55)
Balance sheet
Total assets	3,452	3,308	2,301	1,078	756	577	346
Net worth	3,786	3,776	2,051	828	506	577	346
Total debt	250	250	250	250	250	0.00	0.00
Cash & bank	159	220	143	102	58.81	30.41	18.93
Net working capital	(6,340)	(4,943)	(3,216)	(2,344)	(1,695)	(1,092)	(762)
Cash flow
Cash from operations	905	1,654	813	593	338	257	-
Cash from investing	(961)	(2,348)	(1,882)	(829)	(723)	(374)	-
Cash from financing	(5.21)	771	1,110	280	374	280	-

Particulars	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024
Revenue	2,471	2,251	1,611	1,574	1,932	1,671	1,258	1,321
Revenue growth (YoY)	+27.9%	+34.7%	+28.1%	+19.1%	+71.8%	-	-	-
Other income	(0.49)	(0.90)	6.57	17.94	(0.15)	(44.58)	36.90	78.59
Total expenses	2,287	2,069	1,705	1,627	1,834	1,420	1,282	1,387
EBITDA	184	182	(94.21)	(53.21)	98.07	251	(23.66)	(65.57)
EBITDA margin	+8.1%	+8.6%	-6.5%	-3.7%	+5.5%	+16.4%	-2.1%	-5.4%
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit before tax	184	181	(87.64)	(35.27)	97.92	206	13.24	13.02
Tax	45.94	21.38	0.00	0.00	26.48	0.00	0.00	0.00

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 30 Oct 2026

Particulars	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024
Revenue	2,471	2,251	1,611	1,574	1,932	1,671	1,258	1,321
Revenue growth (YoY)	+27.9%	+34.7%	+28.1%	+19.1%	+71.8%	-	-	-
Other income	(0.49)	(0.90)	6.57	17.94	(0.15)	(44.58)	36.90	78.59
Total expenses	2,287	2,069	1,705	1,627	1,834	1,420	1,282	1,387
EBITDA	184	182	(94.21)	(53.21)	98.07	251	(23.66)	(65.57)
EBITDA margin	+8.1%	+8.6%	-6.5%	-3.7%	+5.5%	+16.4%	-2.1%	-5.4%
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit before tax	184	181	(87.64)	(35.27)	97.92	206	13.24	13.02
Tax	45.94	21.38	0.00	0.00	26.48	0.00	0.00	0.00

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Revenue	6,695	5,374	4,115	2,853	1,877	1,413	1,057
Revenue growth	+24.6%	+30.6%	+44.3%	+52.0%	+32.9%	+33.6%	-
Other income	2.03	155	221	374	281	0.03	0.01
Total expenses	6,534	5,292	4,225	3,183	2,328	1,435	1,094
Employee cost	675	663	639	616	446	288	191
EBITDA	160	82.71	(110)	(330)	(451)	(21.78)	(36.81)
EBITDA margin	+2.4%	+1.5%	-2.7%	-11.6%	-24.0%	-1.5%	-3.5%
Depreciation	35.67	24.61	29.39	31.99	26.77	22.05	20.67
Interest	0.00	0.00	0.00	0.00	0.00	5.94	4.08
Profit before tax	127	214	81.85	12.54	(197)	(49.74)	(61.55)
Tax	(3.97)	0.00	0.00	0.00	0.00	0.00	0.00
Net profit	131	214	78.59	11.11	(197)	(49.74)	(61.55)
Net profit margin	+2.0%	+4.0%	+1.9%	+0.4%	-10.5%	-3.5%	-5.8%
EPS (₹)	0.71	1.17	0.48	0.08	(1.40)	(0.37)	(0.55)

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Equity & liabilities
Share capital	1,847	1,827	1,700	1,511	1,409	1,350	1,126
Reserves & surplus	1,939	1,946	351	(683)	(903)	(773)	(780)
Shareholders' funds (net worth)	3,786	3,776	2,051	828	506	577	346
Secured loans	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Unsecured loans	250	250	250	250	250	0.00	0.00
Total debt	250	250	250	250	250	0.00	0.00
Total liabilities	3,452	3,308	2,301	1,078	756	577	346
Assets
Gross block	339	289	258	224	191	163	147
Net block	84.63	65.90	58.30	51.86	49.16	45.89	38.71
Capital work in progress	3.36	9.35	0.51	3.73	0.52	1.63	2.47
Investments	9,670	8,175	5,458	3,366	2,401	1,622	1,067
Inventories	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Sundry debtors	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash & bank balances	159	220	143	102	58.81	30.41	18.93
Loans & advances	1,325	1,289	532	353	229	200	110
Total current assets	1,484	1,510	675	455	287	230	129
Total current liabilities	7,824	6,452	3,891	2,798	1,983	1,322	891
Net working capital	(6,340)	(4,943)	(3,216)	(2,344)	(1,695)	(1,092)	(762)
Total assets	3,452	3,308	2,301	1,078	756	577	346

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Opening cash	220	143	102	58.81	70.41	32.10	-
Net cash from operating activities	905	1,654	813	593	338	257	-
Net cash from investing activities	(961)	(2,348)	(1,882)	(829)	(723)	(374)	-
Net cash from financing activities	(5.21)	771	1,110	280	374	280	-
Net change in cash	(61.69)	77.53	40.96	43.05	(11.59)	164	-
Closing cash	159	220	143	102	58.81	30.41	-

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Growth
Sales growth	+24.6%	+30.6%	+44.3%	+52.0%	+32.9%	+33.6%	-
EBITDA growth	+94.0%	+175.5%	+66.8%	+26.9%	-1971.2%	+40.8%	-
PBT growth	-40.6%	+160.9%	+552.7%	+9998.0%	-295.1%	+19.2%	-27.2%
Net income growth	-38.8%	+171.7%	+607.4%	+105.6%	-297.0%	+19.2%	-
Revenue CAGR (3Y)	+32.9%	+42.0%	+42.8%	+39.2%	+30.2%	-	-
EBITDA CAGR (3Y)	-	-	+71.3%	+107.7%	+150.0%	-	-
Profitability & leverage
Net income margin	+2.0%	+4.0%	+2.0%	+0.4%	-10.5%	-3.5%	-5.8%
Return on capital employed	+3.1%	+5.9%	+3.1%	+0.8%	0.0%	0.0%	0.0%
Return on net worth	+3.0%	+5.7%	+3.4%	+1.0%	0.0%	0.0%	0.0%
Debt / equity	0.07	0.25	0.50	0.37	0.23	0.00	0.00
Long-term debt / equity	0.07	0.25	0.50	0.37	0.23	0.00	0.00
Interest cover	0.00	0.00	0.00	0.00	0.00	-13.55	-7.10
Efficiency & per share
Fixed asset turnover	21.34	20.24	17.99	15.53	12.18	9.11	7.89
Inventory turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debtors turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EPS (₹)	0.71	1.17	0.48	0.08	(1.40)	(0.37)	(0.55)
Dividend per share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per share (₹)	20.49	20.65	12.06	5.48	3.59	4.27	3.07

Timeline of Max Bupa

2 dated milestones of Max Bupa across 11 years, from founding to its latest funding, stage changes and deals.

2008 Founded Max Bupa is founded.
Feb 2019 Exit Acquired by True North.

Competitors of Max Bupa

Max Bupa has 3 listed competitors in our database, 3 of them funded. They include Star Health and Allied Insurance, Niva Bupa and Care Health Insurance.

Company Name	Domain	Founded	HQ Location	Total funding	Employees	Description
Star Health and Allied Insurance	starhealth.in	2006	Chennai, India	$783.29M	32,784	Health insurance plans are offered for individuals and families.
Niva Bupa	nivabupa.com	2008	Delhi, India	$96.08M	14,051	Multiple insurance services are provided via an online app platform.
Care Health Insurance	careinsurance.com	2012	Gurugram, India	$79.53M	13,647	Provider of health and travel insurance plans

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Detailed competitors of Max Bupa

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Full competitor set
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Web traffic of Max Bupa

Websites that share an audience with Max Bupa (maxbupa.com).

Similar websites

Websites whose visitors overlap most with Max Bupa. Affinity shows how closely the audiences match.

Website	Domain	Audience affinity	Monthly visits	Global rank	Profile
Apollo Munich Health Insurance	apollomunichinsurance.com	100%			View details
Star Health and Allied Insurance	starhealth.in	100%	3.8M	#12,056	View details
Religare Health Insurance	religarehealthinsurance.com	100%	43.1K		View details
Max Life Insurance	maxlifeinsurance.com	92%	154.2K	#160,162	View details
Bharti AXA GI	bharti-axagi.co.in	91%			View details
••••••••••	••••••.com	••%	•.•M	#•••••	–
••••••••••	••••••.com	••%	•.•M	#•••••	–
••••••••••	••••••.com	••%	•.•M	#•••••	–

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All 17 similar websites and full traffic analytics for Max Bupa

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17 similar websites
Audience overlap
Engagement analytics
Traffic by brand

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Top companies in Insurance & Risk Management

3 companies that operate in the same segment as Max Bupa (Insurance & Risk Management) in India, ranked by their profile score on The Company Check.

Company	Description	Founded	Location	Total funding	Revenue	Employees
Star Health and Allied Insurance	Health insurance plans are offered for individuals and families.	2006	Chennai, Tamil Nadu, India	USD 783.29 M	USD 1.9 B	15,820
ICICI Lombard	Life, health, and general insurance services are provided across India.	2001	Mumbai, Maharashtra, India	USD 306.52 M	USD 2.88 B	16,700
Bajaj Finserv	Financial solutions including loans and insurance are offered.	2007	Pune, Maharashtra, India		USD 15.24 B	126

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Articles about Max Bupa on our blog

Listed New-Age Tech Tracker: Market Cap, Revenue and Profit16 Oct 2026

Frequently Asked Questions about Max Bupa

When was Max Bupa founded?

Max Bupa was founded in 2008.

Where is Max Bupa located?

Max Bupa is headquartered in Delhi, India. It is registered at Delhi, Delhi, India.

What is the annual revenue of Max Bupa?

The primary company behind Max Bupa, Niva Bupa Health Insurance Company Limited, reported revenue of ₹6,697 Cr for FY 2026, up 25% year on year.

What does Max Bupa do?

Who are the top competitors of Max Bupa?

Max Bupa's top competitors include Star Health and Allied Insurance, Niva Bupa and Care Health Insurance.

What products or services does Max Bupa offer?

Max Bupa offers ReAssure2.0, Maternity Plan, Senior Citizen Plan, and Diabetes Plan.

Is Max Bupa publicly traded?

Yes, Max Bupa is publicly traded on NSE under the ticker symbol NIVABUPA.

Who are Max Bupa's investors?

Max Bupa has 1 investor. Key investors include True North.

Which legal entities are associated with Max Bupa?

Max Bupa operates through Niva Bupa Health Insurance Company Limited.

Is Max Bupa an acquired company?

Yes. Max Bupa was acquired by True North in February 2019.

Who are the directors of Max Bupa?

The legal entities of Max Bupa currently have 12 directors, including David Martin Fletcher, Ramachandran Krishnan, Vivek Anant Karve and others.

Does Max Bupa have a mobile app?

Yes. Max Bupa publishes Niva Bupa Health.

Max Bupa