PB Health Raises $ 218 Million in Seed Funding Round
Policybazaar owner PB Fintech’s new healthcare venture has raised $218 million in a seed round, marking its entry into India's fast-growing healthcare industry.
The venture, PB Health, will use the funds to set up four to five hospitals in and around New Delhi by 2027, with a long-term plan to build a 25-30 hospital network across 10 Indian cities.
The fundraising comprises $50 million from General Catalyst, a Silicon Valley firm that previously led a $340 million round for Mumbai-based quick commerce startup Zepto and supports Indian startups like Cred and Spinny.
Policybazaar is the biggest insurance aggregator in India, offering health, life, and vehicle insurance on behalf of various insurers.
PB Fintech's first investment of approximately $62 million will secure a 26 percent stake in PB Health, Dahiya noted, while not disclosing the names of other investors.
In recent years, private investment in Indian healthcare has increased significantly, attracting 84 PE/VC deals valued at $3.2 billion in 2024 and 62 deals amounting to $5 billion in 2023, as reported by EY and IVCA.
"We believe India has a unique opportunity to leapfrog legacy models and build a resilient, inclusive health assurance system,” says Neeraj Arora, MD of General Catalyst.
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The investment comes just a year after General Catalyst expanded in India by merging with local venture firm Venture Highway and earmarking $500 million to $1 billion for fresh investments in the country.