Healthtech platform Visit Health has secured more than Rs 250 crore in a combination of primary capital infusion and secondary purchase of shares from Docprime Technologies, a wholly owned subsidiary of PB Fintech, and other promoters and employees.
Visit Health plans to use the new funds for business growth. The company announced a new partnership with TatvaCare on Tuesday. TatvaCare specializes in health and wellness. This partnership aims to combine the strengths of both companies. Visit Health hopes to reach more people in the healthcare industry through this collaboration.
“The company’s primary capital requirement was not much because we have been Ebitda positive for the past few years. The remaining acquisition of shares can only happen through secondary transactions, involving existing entities such as Docprime, promoters, and we did a good chunk of Esop buyback as well,” said Vaibhav Singh, co-founder and managing director of Visit Health.
A secondary purchase is when existing company shares are bought and sold among investors rather than issuing new shares to raise fresh capital for the company. A primary purchase refers to the buying of newly issued shares of a company.
Visit Health, founded in 2016 by Singh, Anurag Prasad, Shashvat Tripathi, and Chetan Anand, offers various healthcare services. These services include health management, mental health support, diet planning, and annual check-ups.
Visit Health has a network of medical service providers that allows for cashless payments. This network supports over 400 large companies, 4,500 small businesses, and 15 insurance companies.
Companies and insurance providers can create custom health benefit packages to fit their needs. This flexibility helps them provide better healthcare options for their employees and customers.
“The health benefits ecosystem in India was structured only to offer a hospitalization benefit system. Now, people have realised the importance of primary health care services, which is your day-to-day wellness, OPD benefits, as these are more frequent use cases,” said Singh.
The company reported a compounded annual growth rate (CAGR) of 110% over the last eight years.
“By working closely together, we can leverage our combined strengths to offer innovative solutions that meet the evolving needs of patients,” said Manoj Balaji, CEO of TatvaCare. “We look forward to the incredible impact this collaboration will have on the healthcare landscape.”
PB Fintech is the parent company of Policybazaar.
