PB Health, the healthcare venture backed by PB Fintech, the parent company of Policybazaar, plans to invest around ₹10,000 crore over the next few years to build a network of up to 500 hospitals across 50 Indian cities.
The venture, which began operations in March 2025, is seeking to combine healthcare delivery with insurance while placing greater emphasis on preventive care and reducing avoidable hospitalisation.
PB Health currently operates two hospitals in the National Capital Region and plans to add two more by the end of 2026. It has raised about ₹1,900 crore in seed funding led by General Catalyst and plans to use equity along with around ₹4,000 crore in debt to support its expansion. The company is targeting ₹500 crore in revenue and operational break-even by the end of the financial year.
Linking Hospitals With Insurance
Yashish Dahiya, Chairman and group CEO of PB Fintech, said the company wants to move beyond a hospital model that primarily generates revenue from procedures and admissions. Instead, PB Health intends to focus more on prevention and keeping people out of hospitals when treatment is not necessary.
“The intent is to not let a person become a patient,” Dahiya said, describing the company’s focus on customers rather than conventional hospital metrics.
He cited international healthcare models such as Kaiser Permanente and UnitedHealth-Optum as examples of closer integration between insurance and healthcare delivery. The objective, he said, is to align the interests of insurers and hospitals and reduce unnecessary costs and hospital stays.
“To make insurance expand, you need to make insurance work. My claims should be hassle-free, which basically means you need to have a high trust—that me and the hospital are working to same incentive.”
PB Health is 26% owned by PB Fintech, with the remainder held by other investors.
Expansion Through Acquisitions
The company’s growth strategy will combine acquisitions with partnerships. PB Health is in discussions with several hospitals and is looking at facilities with strong catchment areas and at least 200 beds for potential acquisitions.
The company plans to establish its presence through acquisitions before expanding partnerships into smaller cities.
PB Health also intends to leverage PB Fintech’s relationships across the insurance sector. Its broader model brings hospitals, preventive healthcare and chronic-care management into a coordinated platform.
Dahiya said the company does not intend to compete by simply lowering treatment or room costs.
“We don’t want to do a heart surgery in less money. We don’t want to have lower room rents. We don’t want to have lower quality of rooms. We want to have very good quality of doctors and very good quality of facilities.”
Focus on Prevention
The venture’s broader strategy includes technology and preventive healthcare. PB Health has also acquired preventive healthcare platform Fitterfly, with the aim of identifying people at higher risk of chronic conditions and intervening before they require hospital care.
The company is also developing technology-led workflows, including AI-assisted clinical documentation, while positioning technology as a support tool rather than a replacement for doctors.
PB Health’s expansion represents an attempt to bring healthcare delivery and insurance closer together. Its long-term growth will depend on how effectively it can expand its hospital network while maintaining clinical quality, strengthening insurer partnerships and shifting greater attention toward preventive care.
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