India-based Star Health and Allied Insurance Co. Ltd. is considering options, including an IPO, to raise 30 billion Indian rupees, Mint reported, citing "people directly aware of the insurer plan."

Star Health and Allied Insurance is a joint venture between ICICI Ventures, Sequoia Capital, Tata Capital Growth Fund, Alpha TC Holdings and Oman Insurance Co. In September 2016, the insurer raised 3.15 billion rupees through the sale of a minority stake to two private equity funds.

The insurer has engaged a domestic investment bank to advise it on fundraising options, one of the people said. One of the private equity investors is also considering selling its stake in Star Health and Allied Insurance, the people said.

One of the sources told the publication that the insurer is seeking to raise funds to meet its growing capital base and working capital requirements.

A spokesperson for Star Health and Allied Insurance said the insurer does not have any plans to raise funds in the future.

As of Aug. 3, US$1 was equivalent to 63.68 Indian rupees.