The leadership at the PolicyBazaar group is relieved. Several sources have confirmed that the group will soon sell a majority stake in DocPrime, the virtual doctor consultation platform it launched in late 2018. It isn’t that DocPrime is a lost cause. Or even truly struggling. It was just an odd duck for an entity that, as a senior executive with the group tells it, does not invest in something without a clear sense of when it will make money.
not my style
PolicyBazaar group set to hand DocPrime reins to new investor
A new investor looks set to clinch majority control over virtual doctor consultation platform DocPrime. Announced just after SoftBank invested $200 million into the company, what made the PolicyBazaar group sour on its next big hope?
After a $200 million funding round in 2018, the PolicyBazaar group decided to focus on health insurance to get to 100 million customers
To make this happen, the group established a sibling entity called DocPrime to add a layer of healthtech services
Over the last two years, DocPrime has tried outpatient health insurance, teleconsultations, and has established a physical network of clinics and labs
However, the group isn’t convinced it can recover its costs, leading it to sell a majority stake in the business