Policybazaar has announced that it has acquired Visit Internet Services Pvt. In one or more tranches, the company VISPL is providing 22.4 crore in one or more tranches.
The insurance aggregation and fintech 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 by secondary acquisition of equity and preference shares from existing shareholders of VISPL, which would increase to 100% by early February 2022, due to the secondary acquisition of preference shares from existing shareholders of VISPL.
Post Docprime's investment, VISPL would be a subsidiary of Docprime and a wholly owned subsidiary of the company on completion of the second tranche of investment and a related party, it further added.
The regulatory filing shows that VISPL had a turnover of 23 lakh for FY 19, Rs 1.8 lakh for FY 20 and Rs 76.4 lakh for FY 21.
The Visit Health app, which uses artificial intelligence AI to connect patients to medical specialists from across the country, is operated by the startup. In 2016, VISPL was founded by BITS Pilani students Anurag Prasad, Chetan Anand and Shasvat Tripathi.