Policybazaar acquires Visit Health app for Rs22.4 crore

22
1
Policybazaar acquires Visit Health app for Rs22.4 crore

Policybazaar has announced that it has acquired Visit Internet Services Pvt. In one or more tranches, VISPL for Rs 22.4 crore.

The insurance aggregation and platform has been acquired through Docprime Technologies, a subsidiary of PB Fintech Ltd., which also owns it.

Policybazaar said in a regulatory filing on Friday that it acquired a 98.4% stake in Docprime Technologies on January 14 through the acquisition of equity and preference shares from existing shareholders of VISPL, which would increase to 100% by the acquisition of preference shares from existing shareholders of VISPL by early February 2022.

On the completion of the second tranche of investment and a related party, VISPL would be a subsidiary and a wholly owned subsidiary of Docprime, it was further added.

As per the regulatory filings, VISPL had a turnover of Rs 23 lakh for FY 19, Rs 1.8 lakh for FY 20 and Rs 76.4 lakh for FY 21.

The Visit Health app uses artificial intelligence AI to connect patients to medical specialists from across the country. VISPL was founded in 2016 by BITS Pilani students Anurag Prasad, Chetan Anand and Shasvat Tripathi.