Policybazaar-backed PB Health Eyes Expansion in Tier-I & Tier-II Cities, to Raise INR 10,000 Cr

The proposed network is expected to accommodate around 15,000-20,000 beds, with the company planning to expand beyond the NCR.

PB Health, the healthcare venture backed by PB Fintech, has outlined plans to build a network of 150 hospitals across more than 50 cities over the next five to six years, according to PB Fintech Chairman and Group CEO Yashish Dahiya.

The proposed network is expected to accommodate around 15,000-20,000 beds, with the company planning to expand beyond the National Capital Region (NCR) into Tier-II and Tier-III cities.

The company currently operates two hospitals in Gurugram and Noida and seeks to add four facilities by March 2027.

“We have started with the NCR. We should ideally have something in Delhi and Faridabad quite soon,” Dahiya said.

While the company’s initial approach has involved building and owning hospitals, the expansion plans include both greenfield and brownfield acquisitions.

“Following the completion of the first ten hospitals, we will focus on operations and management (O&M) instead of constructing new facilities,” Dahiya said.

He added that the company could acquire existing hospitals, land, buildings, and equipment, and that it would refurbish facilities or replace equipment where required.

Additionally, PB Health plans to raise around INR 10,000 crore to support the expansion, the breakup of which remains flexible, with the company considering a higher debt component.

Commenting on the funding, Dahiya said, “About INR 2,000 crore of the targeted capital has already been raised through seed funding, while the company expects to raise around INR 4,000 crore within the current financial year.”

“A subsequent funding round is at an advanced stage,” the CEO noted.

The venture also intends to use technology and preventive healthcare in its operating model.

Highlighting technology's role in PB’s operation, Dahiya noted, “Our hospitals will use voice-based documentation, with artificial intelligence (AI) tools converting conversations into structured information for doctors.”

However, he added that the technology will be used as an assistive tool rather than as a substitute for clinical decision-making.

PB Health has also acquired preventive healthcare platform Fitterfly as part of its strategy to reduce hospitalisation and manage chronic conditions.

“We intend to identify high-risk patients, including those with diabetes or heart conditions, and intervene before they require hospital care,” he added.

He further added that the expansion strategy is linked to Policybazaar’s insurance customer base.

“Around 17 per cent of our customers are from NCR, making the region the starting point for PB Health’s hospital network. The company intends to leverage its relationships with insurance providers beyond Policybazaar’s own customer base,” he said.

We will leverage the entire health insurance business of the country and act as a trusted partner to all participating facilities,” Dahiya further added.

PB Health is currently around 25-26% owned by PB Fintech, with the remaining stake held by institutional investors.

Furthermore, Dahiya stated the company could consider a public listing in five to six years, although no timeline has been set.

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