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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Investment Thesis
Be Swasth Healthcare Limited is a Delhi-based company that pivoted from NBFC to digital health in 2018. While the telemedicine sector offers significant growth opportunities, the company's ability to compete with established players and build genuine healthcare capabilities from scratch is unproven. With a share price of ₹13.25 and minimal public operational data, this is a high-risk, speculative investment. Due diligence via MCA filings and direct company engagement is strongly recommended before investing.
Pros
Cons
Business Segments
Telemedicine / Tele-Health
Franchise-based telemedicine and tele-health services under Be Swasth brand; digital healthcare delivery model added 2020.
Revenue Model
Be Swasth Healthcare Limited appears to be transitioning to a digital health and telemedicine model. Revenue in this segment typically comes from patient consultation fees, subscription-based health plans, pharmacy tie-ups, and diagnostic service referral commissions. Given the recent pivot from NBFC, the exact revenue model and its current scale are not publicly confirmed.
Detailed Analysis
Growth Plans
India's telemedicine market projected to grow significantly driven by Tier 2 and Tier 3 city healthcare demand
Government's Ayushman Bharat Digital Mission (ABDM) creating interoperable infrastructure for digital health players
Post-COVID-19 acceleration in patient acceptance of remote consultation models
Industry Tailwinds
India's telemedicine market projected to grow significantly driven by Tier 2 and Tier 3 city healthcare demand
Recent Developments
Be Swasth Healthcare Limited voluntarily surrendered its Non-Banking Financial Institution (NBFC) registration with the Reserve Bank of India on August 2, 2018, completing its transition away from financial services.
2018-08Comparable Companies
Frequently Asked Questions
About Be Swasth Healthcare
Be Swasth Healthcare Limited is a Delhi-based public limited company that has pivoted to the digital health and telemedicine space. Originally incorporated on 6 March 1985, the company has reinvented itself to offer affordable telemedicine services, including online doctor consultations at prices as low as ₹10 per consultation — positioning itself in the accessible healthcare segment targeting India's underserved population. The company's telemedicine platform connects patients with doctors through a digital interface, enabling remote consultations without requiring physical visits to healthcare facilities. At ₹10 per consultation, Be Swasth aims to democratise healthcare access for low-income households in urban and rural India. This hyper-affordable pricing model is unusual in India's telemedicine space, where most platforms charge ₹200–500 per consultation, suggesting either a high-volume/low-margin model or significant cross-subsidisation. Be Swasth Healthcare has an authorised share capital of ₹5 crore and a paid-up capital of approximately ₹1.119 crore. The company's MCA filings are available up to FY2021, indicating some activity in recent years. However, the scale of operations and current traction of its digital health platform is not prominently disclosed in public databases. India's telemedicine sector saw significant acceleration post-COVID-19, with regulatory clarity provided by the Telemedicine Practice Guidelines 2020 issued by the Ministry of Health and Family Welfare. This regulatory framework legitimised remote consultations and created a structured environment for companies like Be Swasth to operate. The mass-market affordable telemedicine model has significant potential if the company can achieve distribution scale, though execution and sustainability of the ₹10 pricing model remain key questions.
Key Milestones
Incorporated July 2, 1985 in West Delhi (CIN: L93000DL1985PLC021397)
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Government's Ayushman Bharat Digital Mission (ABDM) creating interoperable infrastructure for digital health players
Post-COVID-19 acceleration in patient acceptance of remote consultation models
Industry Headwinds
Inability to build technology and clinical capabilities to compete with established health-tech players
Risk that the company remains a name-change exercise without meaningful operational substance
Limited capital availability as an unlisted entity to fund the tech investment required in digital health
Sustainability of ₹10 consultation pricing model is unclear — may be below cost
Source: Company Financial Filings
Limited MCA filing history beyond FY2021 raises questions about current operational status
Source: Media Reports / Public Records
Small paid-up capital of ₹1.119 Cr limits growth investment capacity
Source: Company Financial Filings
The company has undergone a fundamental business model change from NBFC to healthcare. Building credible healthcare operations requires significant investment in technology, talent, and regulatory compliance with a sector the company has no prior history in.
The Indian telemedicine and digital health space is highly competitive, with large funded players (Practo, Apollo 247, Tata 1mg, PharmEasy) who have significant technology, brand, and capital advantages over small unlisted entrants.
Telemedicine in India is governed by the Telemedicine Practice Guidelines (2020) issued by MCI/NMC. Compliance with evolving digital health regulations adds operational complexity.
As an unlisted company with a share price of ₹13.25 and no confirmed active business presence, liquidity is very limited for investors.
APOLLOHOSP · ~90,000 Cr
ISIN INE288U01011; listed (L-prefix); authorized Rs.5 Cr; paid-up Rs.1.119 Cr
Pivoted to telemedicine and tele-health franchise model in 2020 post-COVID
Active website at be-swasth.com; registered in West Delhi, NCR