New Delhi-based healthtech platform Visit Health has secured approximately Rs 250 crore in funding, a mix of capital infusion and secondary share purchases. This funding round was led by Docprime Technologies, a wholly-owned subsidiary of PB Fintech, along with other promoters and employees.
The funds will be directed towards expanding Visit Health’s business operations and forming a new partnership with TatvaCare, a company that specializes in health and wellness. This collaboration aims to utilize the strengths of both companies to enhance their presence in the healthcare sector. “Our primary capital need was minimal because we’ve been EBITDA positive for the past few years. The remaining share acquisition occurred through secondary transactions involving Docprime, promoters, and a significant ESOP buyback,” explained Vaibhav Singh, co-founder and managing director of Visit Health.
Secondary purchases involve trading existing shares among investors, as opposed to primary purchases, which involve issuing new shares to raise fresh capital. Visit Health, established in 2016 by Singh, Anurag Prasad, Shashvat Tripathi, and Chetan Anand, offers a variety of wellness and outpatient department (OPD) services, such as health management, mental health support, diet planning, and annual check-ups.
The company serves over 400 corporations, 4,500 small businesses, and more than 15 insurers through its cashless network of medical service providers. Corporations and insurers can customize their health benefit offerings to meet specific needs, providing a flexible solution for employee and customer healthcare. “India’s health benefits ecosystem was traditionally focused on hospitalization benefits. Now, there is growing recognition of the importance of primary healthcare services, including daily wellness and OPD benefits, which are more frequently utilized,” Singh added.
Visit Health reports a compounded annual growth rate (CAGR) of 110% over the past eight years. Manoj Balaji, CEO of TatvaCare, stated, “By working closely together, we can leverage our combined strengths to offer innovative solutions that meet the evolving needs of patients. We anticipate significant positive impacts on the healthcare landscape through this collaboration.”
PB Fintech is the parent company of Policybazaar.
Visit Health’s remarkable growth and recent successful funding round highlight the immense potential of healthtech in India. The strategic partnership with TatvaCare is set to bring significant advancements in primary healthcare services, an area that is gaining increasing importance. The company’s focus on expanding services while maintaining financial health, evidenced by their positive EBITDA, showcases a balanced approach to growth. This development not only enhances Visit Health’s market position but also sets a strong example for other startups in the healthtech sector. The collaboration with established entities like Docprime Tech further underscores the confidence in Visit Health’s business model and future prospects.
The partnership between Visit Health and TatvaCare leverages advanced health tech and innovative solutions to transform primary healthcare services.
I am a person who is positive about every aspect of life.I have always been an achiever be it academics or professional life. I believe in success through hard work & dedication.
