DocPrime Technologies, a fully owned subsidiary of PB Fintech, which also controls Policybazaar and Paisabazaar, announced on Monday that it has invested $7.5 million in Visit Health, a telehealth and wellness platform.
This is DocPrime’s first investment in an end-to-end telehealth and wellness platform, according to the company. Visit Health, founded by Anurag Prasad, Shashvat Tripathi, Vaibhav Singh, and Chetan Anand, in 2016, allows corporate employees to effectively manage their healthcare requirements through their smartphones. The platform enables corporations to improve the healthcare experience and reduce medical expenditures for all of their employees.
Visit Health had previously secured funding from Twitter co-founder Biz Stone. The startup’s “Visit Assistant” app assists users in monitoring symptoms, tracking fitness and nutrition, and managing chronic conditions.
According to a statement, the investment would facilitate PB Fintech to improve its service offerings in the health and wellness sector along with expanding its workforce across technology, sales, and network functions.
Yashish Dahiya, Chairman & CEO of PB Fintech commented on the development saying, “Our goal with this investment is to back Visit Health in their vision to build a strong Digital Health Ecosystem with outstanding customer service and new ways to help customers navigate a healthcare system. We are proud to back Visit as they approach their next phase of growth.”
While Anurag Prasad, Cofounder, and CEO of Visit Health, said, “Visit is excited to have PB Fintech as a partner in our strategic vision to create a Digital Health Ecosystem. Our product offering is backed by Health insurers and the large cashless network stitched by us. With this investment, we plan to grow our platform and network capabilities and expand our teams across technology, sales, and network functions.”
DocPrime, which was launched in August 2018 by Policybazaar’s parent company, allows users to make appointments with doctors and diagnostic labs using its platform. The platform also serves as an intermediary, or facilitator, for a diverse selection of healthcare, wellness, and personal care products.
Health tech and telemedicine platforms have witnessed an unexpected surge in the industry due to the pandemic, consumers chose to connect to healthcare professionals from the comfort of their homes. Health tech startups including ConnectedH, HealthPlix, and mHealth have recently attracted seed funding from risk investors.
According to reports, the Indian health tech market is projected to be worth $21.3 billion by 2025, rising at a CAGR of 39.6 percent, with telemedicine being the leading contributor. Having more than 133 well-funded health tech startups in the country, the top 5 eHealth startups garnered $138 million in revenue in FY19.