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PB Fintech, the parent company of Policybazaar, has said that its healthcare venture PB Healthcare secured $218 Mn (INR 1,843.17 Cr) as a part of its seed funding round led by General Catalyst.
The round also saw participation from PB Fintech, along with other undisclosed external investors.
The fundraise marks a 26% rise from its previously set target of raising INR 1,461.60 Cr ($166.01 Mn) in the seed funding round.
The Policybazaar parent revealed that it invested INR 539.40 Cr ($63.24 Mn) in the healthcare arm, only a few weeks ago.
The newly raised capital will be deployed in establishing PB Health’s initial hospital network in Delhi NCR, while also accelerating product development and technological innovation.
Further, PB Healthcare is looking to build an end-to-end healthcare platform that seamlessly integrates care and insurance.
“We are very excited to partner with General Catalyst in building the next chapter of healthcare in India. Our vision is to create a truly integrated healthcare ecosystem where patients can experience frictionless, high quality care. Our focus remains on building a tech-first healthcare platform that improves outcomes, enhances trust, and redefines the care journey for millions across India,” PB Fintech group chairman and CEO Yashish Dahiya said.
Shares of PB Fintech opened in green for the day, and as of 09:39 AM it was up 0.5% at INR 1648.40 apiece on the BSE in the morning trade, compared to its previous close of INR 1640.10 per share.
(The story will be updated soon.)
The post PB Fintech’s Healthcare Venture Bags $218 Mn For Hospital Chain appeared first on Inc42 Media.
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