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PB Health raises $218 mn in seed round led by US-based General Catalyst
Delhi National Capital Region (NCR)-based PB Healthcare Services, an affiliate of PB Fintech, on Thursday announced that it has raised $218 million (around Rs 1,850 crore) in its first major equity infusion, in a seed funding round led by US-based global investment firm General Catalyst and other investors.
The company is the health venture of PB Fintech, which is also the parent firm of online financial services providers Policybazaar and Paisabazaar.
In a statement, PB Health said the investment will be used to establish its initial hospital network in the Delhi NCR region and to accelerate product development and technological innovation.
The company, incorporated on 1 January this year, has publicly stated that its initial focus is on setting up a 1,000-bed hospital network in the Delhi NCR region, with plans for phased expansion.
The company stated that it is aiming to build an end-to-end healthcare platform that integrates both care and insurance.
'By operating its own hospitals and leveraging technology, analytics and a preventive-care approach, the company aims to improve long-term health outcomes, reduce avoidable surgeries, and deliver a more predictable, full-stack patient experience,' PB Health said.
Yashish Dahiya, chairman and group CEO at PB Fintech, said that partnering with General Catalyst will help the firm ramp up in the health space, given the latter's deep investment experience and strong understanding of health tech.
'Our focus remains on building a tech-first healthcare platform that improves outcomes, enhances trust and redefines the care journey for millions across India,' Dahiya added.
General Catalyst's interest in the Indian health space comes just a year after it expanded in the country by merging with local firm Venture Highway and earmarking $500 million to $1 billion for fresh investments in India.
The Silicon Valley-based investment firm also led a $340 million round in Mumbai-based quick commerce startup Zepto last year. It also backs Indian startups such as Cred and Spinny.
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