Telehealth and wellness platform Visit Health raised $30 M in primary and secondary transaction
With the help of current employees, Docprime Technologies, and other investors, the telehealth and wellness platform Visit Health has raised Rs 250 crore ($30 million) through a combination of primary and secondary acquisitions of company shares.
According to a press release from the company, Visit Health will use the money to grow its business, which includes a strategic partnership with TatvaCare, a platform for health and wellness.
DocPrime made a roughly $7.5 million investment in Visit Health in October 2021. The New Delhi-based startup also received a $1.4 million seed round from investors, including Hetero Drugs Director Murali Krishna, Snapdeal co-founders Kunal Bahl and Rohit Bansal, and MapmyIndia.
With a projected valuation of Rs 76 crore ($9 million), PB Fintech announced in May that it will sell off 29% of its shares in Visit Health. The company also disclosed that it will sell Visit Internet for Rs 2 crore.
The eight-year-old Visit Health provides SMEs, corporates, and their families with personalized wellness and outpatient department (OPD) programs. It states that through its network of hospitals, it provides services to over 400 companies.
As of the Series A round, DocPrime held a 14.4% stake in Visit Health, according to media.
Visit Health saw a nearly three-fold increase in revenue for the fiscal year that ended in March 2023 (FY23), going from Rs 17.55 crore to Rs 53 crore. In FY23, the company was able to keep its losses under Rs 1 crore. It has not yet submitted FY24 figures.
PB Fintech published its quarterly results. Revenue for the company decreased to Rs 1,010 crore in Q1 FY25 from Rs 1,090 crore in the quarter that ended in March 2024. It was still able to make consistent profits, with Q1 FY25 earnings of Rs 60 crore, in spite of the reduction in scale.
