Visit Health, a telehealth and wellness platform, raised USD 30 million in a mix of primary and secondary transactions. The promoters are supposed to have offloaded stakes in the current funding round arranged by acquiring stakes from current promoters, Docprime Technologies, and employees. The capital will help Visit Health in the expansion of business operations; this includes a strategic partnership with TatvaCare, another health and wellness platform.
PC: The Economic Times
It had earlier invested USD 7.5 million in Visit Health in an October 2021 investment round. The New Delhi-based company had also raised USD 1.4 million seed funding from investors such as MapmyIndia, Snapdeal co-founders Kunal Bahl and Rohit Bansal, and Hetero Drugs Director Murali Krishna. Separately, PB Fintech said it would divest 29% of its holding in Visit Health, which is valued at USD 9 million.
Incorporated eight years ago, Visit Health provides SMEs and corporates with personalized health and OPD solutions. To date, it has enlisted more than 400 companies within its network of hospitals. According to TheKredible, as of the Series A round, DocPrime held a 14.4 percent stake in Visit Health.
For the fiscal year ended March 2023, Visit Health has reported a near three-fold jump in revenue to Rs 53 crore from Rs 17.55 crore in FY22, while keeping the losses below Rs 1 crore. Recently concluded quarterly results of PB Fintech witnessed a revenue decline to Rs 1,010 crore in Q1 FY25 from Rs 1,090 crore in the previous quarter, while the bottom line remained stable at Rs 60 crore.
In a nutshell, Visit Health, a telehealth and wellness platform, raised US$ 30 million through a mix of primary and secondary stake buyouts. Its wellness programs cater to more than 400 companies while achieving fast revenue growth alongside keeping losses at low levels. This current funding round will include primary and secondary transactions, led by Docprime Technologies and others. As per sources, PB Fintech is likely to sell a part of its stake in Visit Health.
The company almost tripled its revenue to Rs 53 crore in FY23, while keeping losses below Rs 1 crore. PB Fintech’s quarterly results for Q1 FY25 showed a revenue dip to Rs 1,010 crore, while the net profit remained at Rs 60 crore. Headline and story updated with information from Visit Health’s press release.
The raised money will be used in the proposed tie-up of Visit Health with TatvaCare and further growth of the business. This funding round turns into a gigantic milestone for Visit Health in its quest to continue its ride of expansion in the telehealth and wellness industry.
