ICICI Venture and Morgan Stanley Private Equity Asia led a $72m funding round in Magma HDI General Insurance. "We are glad to welcome the new shareholders into the Company and appreciate the continued support from our existing shareholders. The growth capital which the investors bring on board will enable us to expand the business and explore new opportunities. The insurance sector is poised to see exponential growth given the low penetration and the trigger of the pandemic which has led people to look at insurance as protection," Rajive Kumaraswami, Magma HDI General Insurance Managing Director and CEO.