PB Health raises $218 million seed funding with General Catalyst as lead investor in first tranche

PB Healthcare Services Pvt. Ltd. (PB Health) has raised $218 million (~₹1,848 crore) in seed funding, with global investment firm General Catalyst leading the first tranche. PB Fintech Ltd. , which also participated in the round, disclosed the funding in a regulatory filing.

Shares of PB Fintech rose to an intraday high of ₹1,683, gaining 2.6% from the previous close of ₹1,640.20, following the news. Despite the uptick, the stock remains down 22% since January. At present, the stock is trading at ₹1,677.10, seeing a 2.25% increase.

“The investment will be used to establish PB Health’s initial hospital network in Delhi-NCR and to accelerate product development and technological innovation,” the company said in the exchange filing.

PB Health is creating a comprehensive healthcare platform that fully integrates medical care and insurance. By running its own hospitals and using technology, data analytics, and a focus on preventive care, the company aims to improve long-term health outcomes, reduce unnecessary surgeries, and offer patients a consistent, end-to-end experience. Its goal is to build a connected healthcare ecosystem where patients receive smooth, high-quality care with minimal hassle.

At the heart of PB Health’s approach is a tech-driven platform designed to improve results, build trust, and transform how people experience healthcare in India. The company is focused on delivering seamless, cashless, and patient-focused services through a unified hospital network. With this model, PB Health hopes to close the gap between insurance and healthcare delivery—making reliable, high-quality care more accessible and predictable for millions across the country.

“We approached the General Catalyst team for their deep investment experience and strong understanding of health tech,” said Yashish Dahiya, Chairman & Group CEO of PB Fintech, in a statement.

However, the company has not yet provided details on the size of the first tranche or the valuation at which the funds were raised. According to an Economic Times report, PB Fintech invested around ₹539 crore ($62 million) in the round. General Catalyst committed $50 million, while an unnamed institutional investor contributed a similar amount.

General Catalyst is a US-based global investment and transformation company that provides startups mainly with seed to growth stage funding. As part of its 800+ businesses portfolio, the venture capitalist company was a lead investor in Zepto’s August 2024 funding round of $340 million. The company had also invested in Cred, and Spinny.

“We believe India has a unique opportunity to leapfrog legacy models and build a resilient, inclusive health assurance system—one that makes care more proactive, affordable, and accessible. Yashish has already built one of India’s largest insurance platforms and is uniquely positioned to deliver impact at scale for the country's middle class,” said Neeraj Arora, MD at General Catalyst in a statement.