Policybazaar acquires Visit Internet Services

Policybazaar has announced that it has acquired Visit Internet Services Pvt. Ltd. (VISPL) for Rs 22.4 crore in one or more tranches.

The insurance aggregator and fintech platform has made the acquisition 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 Friday (January 14) through secondary acquisition of both equity and preference shares from existing shareholders of VISPL, which would increase to 100%, via secondary acquisition of preference shares from existing shareholders of VISPL, by early February 2022.

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"Docprime is making this investment to acquire 100% shareholding in VISPL, in one or more of reasons tranches, as a part of its strategic investments," the company stated in the filing.

"Post Docprime's investment, VISPL would be a subsidiary and a wholly-owned subsidiary of Docprime on completion of second tranche of investment and accordingly a related party," it further added.

The company further stated that VISPL's aim is to develop and provide on-demand tele-healthcare services via web and mobile applications by connecting healthcare providers and people who want to seek help through the use of technology for offering integrated and internet-based medical, healthcare and other related services in the country as well as overseas.

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As per the regulatory filing, VISPL had a turnover of Rs 23 lakh for FY19, Rs 1.8 lakh for FY20, and Rs 76.4 lakh for FY21. 

The startup operates the Visit Health app, which uses artificial intelligence (AI) to connect patients to medical specialists from across the country. Delhi-based VISPL was founded in 2016 by BITS Pilani students Anurag Prasad, Chetan Anand, Shasvat Tripathi.