PB Health, the healthcare venture backed by Policybazaar’s parent PB Fintech, is planning to create a network of 150 hospitals across more than 50 cities over the next five to six years, its Chairman and group Chief Executive Officer (CEO) Yashish Dahiya told Business Standard in a telephonic interaction. This would translate to around 15,000-20,000 beds, as PB Health looks to expand beyond the National Capital Region (NCR) into Tier-2 and Tier-3 cities.
The company, which currently operates two hospitals in Gurugram and Noida, expects to have four facilities by March 2027. “We have started with the NCR. We should ideally have something in Delhi and Faridabad quite soon,” Dahiya said.
While the company’s initial approach has involved building and owning hospitals, Dahiya added that expansion plans include both greenfield and brownfield acquisitions.
“Following the completion of the first ten hospitals, we will focus on operations and management (O&M) instead of constructing new facilities,” Dahiya said.
He added that the company could acquire existing hospitals, land, buildings, and equipment, and that it would refurbish facilities or replace equipment where required.
PB Health also plans to raise around ~10,000 crore to fund its expansion, the breakup of which remains flexible, with the company considering a higher debt component.
“About ~2,000 crore of the targeted capital has already been raised through seed funding, while the company expects to raise around ~4,000 crore within the current financial year. A subsequent funding round is at an advanced stage,” Dahiya said.
He added that the company hopes for reaching a run-rate revenue of around ~500 crore by the end of financial year 2026-27 (FY27). PB Health is targeting break-even by March, he said.
PB Fintech currently owns around 25-26 per cent of PB Health, with the remaining stake held by institutional investors. Dahiya said that while no timeline has been set, the company could consider a public listing in five to six years.
He added that the expansion strategy is linked to Policybazaar’s insurance customer base.
“Around 17 per cent of our customers are from NCR, making the region the starting point for PB Health’s hospital network. The company intends to leverage its relationships with insurance providers beyond Policybazaar’s own customer base,” he said.
“We will leverage the entire health insurance business of the country and act as a trusted partner to all participating facilities,” Dahiya added.
The company has already hired doctors from large hospitals and established healthcare chains for its existing facilities. The venture also intends to use technology and preventive healthcare as part of its operating model.
“Our hospitals will use voice-based documentation, with artificial intelligence (AI) tools converting conversations into structured information for doctors,” Dahiya said.
However, he added that the technology will be used as an assistive tool rather than as a substitute for clinical decision-making.
PB Health has also acquired preventive healthcare platform Fitterfly as part of its strategy to reduce hospitalisation and manage chronic conditions. “We intend to identify high-risk patients, including those with diabetes or heart conditions, and intervene before they require hospital care,” he added.