General Catalyst leads $218M bet on PB Fintech’s new healthcare arm
The proceeds will be used to set up a 1,000-bed hospital network in the Delhi National Capital Region and invest in product development and technology, the company said.
General Catalyst has led a $218 million (Rs 1,816 crore) seed funding round in PB Healthcare Services, the newly-launched healthcare subsidiary of PB Fintech, the parent company of PolicyBazaar, said the company in a statement.
The round marks one of the largest early-stage capital infusions into India’s private healthcare delivery sector and saw participation from PB Fintech and other external investors.
In a stock exchange filing last week, PB Fintech disclosed that it invested Rs 539.4 crore in the round by subscribing to 5.39 crore compulsory convertible preference shares (CCPS) at Rs 100 each. Following completion of the fundraising, PB Fintech’s stake in PB Health will be diluted from 100% to 32.14% on a fully-diluted basis. The round also includes the establishment of an employee stock option pool.
The proceeds will be used to set up a 1,000-bed hospital network in the Delhi National Capital Region and invest in product development and technology, the company said.
PB Health, incorporated in January 2025, is positioning itself as a full-stack healthcare platform that integrates delivery and insurance. The company aims to deliver seamless, cashless, and preventive-care-driven services, enabled by technology and data analytics.
“We are very excited to partner with General Catalyst in building the next chapter of healthcare in India,” said Yashish Dahiya, Chairman and Group CEO of PB Fintech.
“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. Our focus remains on building a tech-first healthcare platform that improves outcomes, enhances trust, and redefines the care journey for millions across India,” he added.
“At General Catalyst, we are proud to support PB Health on its mission to reimagine healthcare in India,” Neeraj Arora, Managing Director at General Catalyst said. “We believe India has a unique opportunity to leapfrog legacy models and build a resilient, inclusive health assurance system—one that makes care more proactive, affordable, and accessible. Yashish has already built one of India’s largest insurance platforms, and is uniquely positioned to deliver impact at scale for the country's middle class.”
PB Health is expected to bridge gaps between payers and providers, eliminating pre-authorisations and simplifying insurance claims for patients. The company’s phased approach begins with infrastructure in Delhi NCR, with future expansion expected across other metros.
(The headline was updated.)
Edited by Megha Reddy