Healthcare centric fintech startup Affordplan has secured $10 million in Series B round of investment led by Lok Capital. The round also saw participation from Omidyar Network, with existing investors Prime Venture Partners and Kalaari Capital. The company plans to use the freshly secured funds scale up geographically and launch new savings, lending and insurance products to cover medical and healthcare expenses.
Commenting on the funds raised, Tejbir Singh, Co Founder and CEO of AffordPlan said, “The Indian healthcare sector is evolving to a state where patients will have multiple options for accessing healthcare from the public and private insurance schemes, and other financial services initiatives. We have positioned AffordPlan at the intersection of finance, healthcare and technology to bring financial innovation to healthcare. We are well on our way to create the largest distribution network for financial services in healthcare in India.”
As stated, the company is looking to expand its reach and increase the number of employees to 200 by the end of this year. In the next year or so, the startup further plans on building a full stack of financial services for healthcare. The company also stated that it aims to reach the government hospitals for emergency situations.
Adding to the thought, Venky Natarajan, Co Founder and Partner, Lok Capital, said, “For the longest period, we have been looking for suitable financial products in the healthcare spectrum to mitigate the risks of patients and their families getting trapped into the vicious cycle of debt trap rising out of unmanageable healthcare expenses. We believe that Afford Plan will help solve this problem through their range of products over the next few years.”
Founded in 2015 by Tejbir Singh and Hemal Bhatt, the company is focussed on making healthcare accessible to the populous. Its users further receive discounts on medical bills and diagnostic services when they use its services. The company further claims to have partnered with over 300 hospitals and have already reached over 100,000 patients. Some of the major institutions that work with the startup include names like The CloudNine Group, Strand Life Sciences, among others.
In the past 6 months the company has expanded in tier-2 cities around the Delhi NCR region including places like Panipat and Sonipat.
Their monetisation model is based on how hospitals use its technology, the product, the collection services and patient lifecycle management.
AffordPlan had previously raised $500,000 from Kalaari capital, when it got selected for its accelerator program. Later they raised $3 million in its Series A round of investment by Prime Venture Partners and Kalaari Capital, in late 2016.