The New Delhi-based company will use the funds to expand its business, including a new partnership with TatvaCare, a company specialising in the health and wellness space, Visit Health said in a statement on Tuesday, adding that the collaboration will leverage capabilities of both companies and maximise their reach in the healthcare sector.
“The company’s primary capital requirement was not much because we have been Ebitda positive for the past few years. The remaining acquisition of shares can only happen through secondary transactions, involving existing entities such as Docprime, promoters, and we did a good chunk of Esop buyback as well,” said Vaibhav Singh, cofounder and managing director of Visit Health.
A secondary purchase is when existing shares of a company are bought and sold among investors, rather than issuing new shares to raise fresh capital for the company. A primary purchase refers to the buying of newly issued shares of a company.
Visit Health, founded in 2016 by Singh, Anurag Prasad, Shashvat Tripathi and Chetan Anand, provides a range of wellness and outpatient department (OPD) services, including health management, mental health support, diet planning and annual check-ups.
The company serves more than 400 companies, more than 4,500 small businesses and over 15 insurers through its cashless network of medical service providers.
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Corporates and insurers can tailor their health benefits offerings based on their specific needs, providing a flexible solution for employee and customer healthcare.“The health benefits ecosystem in India was structured only to offer a hospitalisation benefit system. Now, people have realised the importance of primary health care services, which is your day-to-day wellness, OPD benefits, as these are more frequent use cases,” said Singh.
The company claims to have reported a compounded annual growth rate (CAGR) of 110% over the last eight years.
“By working closely together, we can leverage our combined strengths to offer 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.”
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