Decoding PB Healthcare’s $218 Mn Seed round, shareholding pattern and valuation

PB Healthcare Services, formerly a wholly-owned subsidiary of PB Fintech Limited, has closed the first tranche of its seed round, raising $218 million led by General Catalyst with participation from PB Fintech and 20 other investors.

Apart from naming the lead investors, the company did not disclose further details. However, Entrackr’s analysis of regulatory filings reveals key insights, including the round breakup, shareholding pattern, and valuation.

According to regulatory filings sourced from the Registrar of Companies (RoC), the board of PB Healthcare Services allotted 18,96,60,000 shares at Rs 100 each to raise Rs 1,896.6 crore ($220 million) across multiple tranches to more than 20 allottees. 

PB Fintech, the parent company of PolicyBazaar, led the round with an investment of Rs 539.4 crore ($62.7 million), followed by General Catalyst at Rs 435 crore ($50 million). Think Investments and Faering Capital participated with Rs 235 crore ($27 million) and Rs 217.5 crore ($25 million), respectively. Carvesta Partners also joined with Rs 60.85 crore, while ENAM Holdings contributed Rs 50 crore.

PB Fintech’s promoters, Yashish Dahiya and Alok Bansal, also took part in the round, investing Rs 52.2 crore and Rs 26.1 crore, respectively. The remaining amount was contributed by 15 other investors, including a few angel investors.

As per the company, the funds will be used to set up PB Health’s first hospital network in the Delhi NCR region and to drive product development and technological innovation.

Following the seed round, PB Fintech, the parent company of PolicyBazaar, holds the largest stake at 25.53%. General Catalyst holds 20.57%, while Think Investments and Faering Capital own 11.11% and 10.29%, respectively. PB Fintech co-founders Yashish Dahiya and Alok Bansal collectively command 3.7%, and the company has also set aside a 10.29% ESOP pool.

According to Entrackr’s estimates, its current valuation stands at Rs 2114.6 crore or around $246 million post-allotment.

Incorporated in 2025, PB Health is building a healthcare platform that integrates care and insurance through its own hospitals, leveraging technology, data, and preventive care to improve outcomes and reduce surgeries. The company plans to develop a 1,000-bed hospital network in Delhi NCR and expand gradually, while simplifying claims and removing pre-authorizations to enhance trust among patients, insurers, and healthcare providers.

Earlier this year, healthcare startup Pristyn Care also launched its super-specialty hospitals in metro cities, including Delhi, Gurugram, Hyderabad, and Kochi, and is planning further expansion.