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PB Fintech Backs Healthcare Sector With 539 Crore
Policybazaar has recently invested 539 crores in the healthcare industry, as a part of a larger 1461.6 crore seed funding round, including the partnership of some external investors. Check the full news to know more details.
Summary:
1. Policybazaar’s parent company, PB fintech, has invested 539 crore in healthcare services, marking the first stipend of a larger seed funding round.
2. Stock Option Plan (ESOP) will reduce PB fintech’s ownership in healthcare services from 100% to 32.14% on a fully stacked basis. The subsidiary, PB Healthcare Services, plans to open hospitals with a capacity of 1,000 beds, focusing on providing managed healthcare services to Policybazaar customers.
3. Policy Bazaar’s goal is to redefine the healthcare model by focusing on customer lifetime value and implementing standardized operating standards in partnership with insurance companies and hospitals.
PB Fintech, parent company of the insurance sector Policybazaar and credit marketplace Paisabazaar, has invested 539 crore in the healthcare services. It marks the first stipend of a larger series. Rs. 1461.6 crore seed funding round that includes the partnership of a few external investors.
According to a stock change filing, “The shareholders accepted the first investment via postal ballot, involving the subscription of 5.39 crore compulsory convertible preference shares, popularly known as CCP, at Rs. 100 per share.”
The investment round includes the establishment of an Employee Stock Option Plan (ESOP). The funds, combined with the participation of foreign investors, will reduce Policy Bazaar fintech ownership in the healthcare sector from 100% to 32.14% on a fully stacked basis, according to the filing.
Policy Bazaar fintech has added PB Healthcare Sectors in January, following board permission last year to create an owned subsidiary for its healthcare division. Within the first year, the subsidiary plans to open hospitals with a capacity of 1,000 beds, and providing managed healthcare services to Policybazaar customers.
Following board approval to establish a wholly owned subsidiary for its healthcare division last year, Policy Bazaar formed PB Healthcare Sectors in January. Within its first year, the subsidiary plans to open hospitals with a capacity of 1,000 beds, with the goal of providing managed healthcare to Policybazaar customers.
About PB (Policy Bazaar) Fintech
Policybazaar, founded in 2008, is now known as India’s leading insurance provider, offering an online platform for comparing and purchasing insurance plans. Policybazaar Fintech, its parent company, has played a critical role in improving India’s insurance business.
This step is consistent with Policy Bazaar’s goal of redefining the healthcare model by focusing on the customer’s lifetime value, which begins with the premium they pay. By implementing standardized operating standards in partnership with insurance companies and hospitals, Policy Bazaar seeks to reduce claim gaps and improve the efficiency of insurance procedures.
Policy Bazaar Fintech’s entry into health services marks a turning point in its development, with its technology capabilities and customer base, which is being used to create a more efficient and integrated health ecosystem in India.
