Docprime Technologies, a wholly owned subsidiary of PB Fintech, has acquired a 98.4 percent stake in Visit Internet Services Pvt Ltd (VIS) for 22.05 crore.
It also plans to acquire the remaining shares in VIS in February, turning it into a wholly owned subsidiary. The full acquisition cost of the two-phase transaction has been set at ₹22.41 crore, PB Fintech said in a filing with the exchanges. Docprime is making this investment to acquire 100 percent of the shares in VISPL as part of its strategic investments, the filing said.
It may recall that PB Fintech, which listed in exchanges on Nov. 15 last year, is the parent company of online insurance and credit comparison platforms Policybazaar and Paisabazaar, respectively.
VIS operates in the software and technical services sector, providing integrated internet-based healthcare, medical and other related services both in India and abroad. It provides Internet-based technology infrastructure to physicians and other healthcare providers. VIS develops and delivers on-demand telehealth services through web and mobile applications, connecting healthcare providers and assisting seekers through technology. For the 2020-21 fiscal year, VIS posted revenue of 76 76.48 lakh, up from ₹1.8 lakh in the previous year.
In December 2021, PB Fintech announced the acquisition of a majority stake in the Gurugram-based loan market MyLoanCare for ₹40.41 crore.
January 15, 2022