US-based venture capital firm General Catalyst has led a massive $218-million seed round in Indian healthtech startup PB Healthcare Services (PB Health), marking the largest seed-stage fundraise ever raised by an Indian startup.
The round also saw participation from PB Fintech, the parent company of Policybazaar; and other external investors. General Catalyst’s investment reflects its strategy to double down on Indian startups, following its acquisition of local early-stage firm Venture Highway in June 2024. It has announced plans to invest anywhere between $500 million and $1 billion in the country over the coming years.
Gurugram-based PB Health was incorporated earlier this year and is founded by Yashish Dahiya, Chairman and Group CEO of PB Fintech. The company is building an integrated, tech-first healthcare platform that will combine hospital infrastructure and insurance services to deliver a seamless, cashless care experience to patients.
The company’s initial focus is on setting up a 1,000-bed hospital network in the Delhi NCR region, with plans for phased expansion. The fresh capital will be used to establish these facilities and accelerate product development and technology innovation, the firm said in a statement.
“India has a unique opportunity to leapfrog legacy models and build a resilient, inclusive health assurance system—one that makes care more proactive, affordable, and accessible,” said Neeraj Arora, Managing Director at General Catalyst.
General Catalyst’s seed-stage investment in PB Health follows a string of unusually large early-stage bets. In 2024, the firm backed elder care startup Primus Senior Living with a $20-million seed round. Its $70-million Series A investment in fintech startup Uni in 2021 also stood out for its size.
By contrast, the average seed round in India typically ranges between $1.8 million and $2.1 million, making PB Health’s raise a significant outlier.
General Catalyst, which has over $25 billion in assets under management, focuses on seed- and early-stage deals. It closed its last vehicle at around $4.6 billion in February 2022.
Its portfolio companies in India include aerospace defence manufacturer Jeh Aerospace, insurance startup Loop, fintech startups OneCode, Dhani, CRED, and Uni, and used car retail Spinny.
Its global portfolio includes Airbnb, Canva, Stripe, Guild, and Snap.
