PB Fintech Launches Healthcare Arm with $218Mn Backing from General Catalyst

The proceeds will establish a 1,000-bed hospital network in the Delhi National Capital Region and advance product development and technology.

PB Fintech, the parent company of PolicyBazaar, has launched a new healthcare subsidiary, PB Healthcare Services, with $218 million (INR 1,816 crore) in seed funding led by General Catalyst.

The development marks one of the most significant early-stage investments in India’s private healthcare delivery sector.

Commenting on the development, Yashish Dahiya, Chairman and Group CEO of PB Fintech, said, “Since 2015, we’ve always chosen our primary investor carefully, and this time was no different. We approached the General Catalyst team for their deep investment experience and strong understanding of health tech. Our vision is to create a truly integrated healthcare ecosystem where patients can experience frictionless, high-quality care. We focus on building a tech-first healthcare platform that improves outcomes, enhances trust, and redefines the care journey for millions across India.”

The round includes participation from PB Fintech and external investors. According to a stock exchange filing, PB Fintech invested INR 539.4 crore through 5.39 crore compulsory convertible preference shares at INR 100 each. Following the transaction, its holding in PB Health has reduced from 100% to 32.14% on a fully diluted basis.

The proceeds will be used to establish a 1,000-bed hospital network in the Delhi National Capital Region and advance product development and technology.

PB Health, incorporated in January 2025, will operate as a full-stack healthcare platform integrating care delivery and insurance. The company aims to provide cashless and preventive care through technology and data analytics.

Neeraj Arora, MD at General Catalyst, stated, “At General Catalyst, we are proud to support PB Health on its mission to reimagine healthcare in India. We believe India has a unique opportunity to leapfrog legacy models and build a resilient, inclusive health assurance system that makes care more proactive, affordable, and accessible.”

PB Health will initially focus on Delhi NCR and plan to expand across metro cities. It also aims to bridge the gap between payers and providers by removing pre-authorisation requirements and simplifying insurance claims.