The New Delhi-based company will use the funds to expand its business, including a new partnership with TatvaCarea company specializing in the health and wellness space, Visit Health said in a statement Tuesday, adding that the collaboration will leverage the capabilities of both companies and maximize their reach in the healthcare sector.
“The company’s primary capital requirement was not much because we have been Positive Ebitda over the last few years. The remaining acquisition of shares can only be done through secondary transactions, involving existing entities like Docprime, promoters, and we did a good part of it. ESOP Share Repurchase “Also,” said Vaibhav Singh, co-founder and CEO of Visit Health.
A secondary purchase is when a company’s existing shares are bought and sold between investors, rather than issuing new shares to raise fresh capital for the company. A primary purchase refers to the purchase of newly issued shares of a company.
Founded in 2016 by Singh, Anurag Prasad, Shashvat Tripathi and Chetan Anand, Visit Health offers a range of wellness and outpatient services (OPD), including health management, mental health support, diet planning and annual checkups.
The company serves more than 400 corporations, more than 4,500 small businesses and more than 15 insurers through its cashless network of medical service providers.
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Companies and insurers can tailor their health benefits offerings based on their specific needs, offering a flexible healthcare solution for employees and customers. “The health benefits ecosystem in India was structured solely to offer a hospitalization benefits system. Now, people have realized the importance of primary healthcare services, which are daily wellness, OPD benefits, as these are more frequent use cases,” Singh said.
The company claims to have reported a compound annual growth rate (CAGR) of 110% over the past eight years.
“By working closely together, we can leverage our combined strengths to deliver innovative solutions that meet the evolving needs of patients,” said Manoj Balaji, CEO of TatvaCare. “We look forward to the incredible impact this collaboration will have on the healthcare landscape.”
PB Fintech is the parent company of Policybazaar.
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