Hotline: 1800 102 2007
X
Search Business Opportunities
Jun, 26 2018

Policybazaar parent launches healthcare business, delays IPO

The company will invest over $100 million in two years towards the new business, which will offer medical consultations, both offline and online, apart from subscriptions or specialized health insurance products to customers.

Digital financial services portal Policybazaar, run by EtechAces Marketing and Consulting Pvt. Ltd, has delayed its initial public offering plans as the company had secured over $200 million in fresh funds largely from SoftBank Group, senior company official said on Monday.

EtechAces, which currently operates Policybazaar and Paisabazaar.com websites, is venturing into healthcare services by launching a third business currently called DocPrime.

The company will invest over $100 million in two years towards the new business, which will offer medical consultations, both offline and online, apart from subscriptions or specialized health insurance products to customers.

“A large part of our business already comes from healthcare. We want to tap into that existing user base and offer them a network of doctors and other services,” said Yashish Dahiya, co-founder and chief executive at Policybazaar.

Policybazaar gets 20-25% of its business from selling health insurance products.

For its new business, the company plans to co-create health insurance products and hire about 1,000 doctors. To be sure, the company currently works as a marketplace of insurance products and does not offer its own insurance.

However, under the new business DocPrime the long-term goal is to have its own health insurance products, said Dahiya.

“It will target the out-patient department market. We will have tie-ups with clinics, diagnostic centres and hospitals to launch OPD-specific insurance products.”

The company is trying to replicate the success of Ping An’s Good Doctor, a Chinese healthcare services firm that went public in Hong Kong in April and raised $1.1 billion.

Ping An’s Good Doctor is also backed by Policybazaar’s new investor—SoftBank and is currently the world’s largest doctor consultation business.

With this new business EtechAces will compete with online healthcare businesses like Practo and 1mg.

The new product is expected to go live by early August.

Comment
Related opportunities
  • Clinics & Nursing Homes
    About Us    LA Styles Pvt. Ltd. is founded upon one core..
    Locations looking for expansion Gujarat
    Establishment year 2016
    Franchising Launch Date 2017
    Investment size Rs. 30lac - 50lac
    Space required 1000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Ahmedabad Gujarat
  • Fashion accessories - women
    About:   A unique perception in the arena of female purchasing has..
    Locations looking for expansion Delhi
    Establishment year 2014
    Franchising Launch Date 2018
    Investment size Rs. 20lac - 30lac
    Space required 80
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Fashion accessories - women
    About Us: COVO is a premium accessories brand for Men and..
    Locations looking for expansion Karnataka
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 30lac - 50lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
  • Bakery & Confectionary
    About: Ice Bakery - a venture of Double A Hospitality PVt..
    Locations looking for expansion Delhi
    Establishment year 2014
    Franchising Launch Date 2017
    Investment size Rs. 20lac - 30lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities