Affordplan, a New Delhi-based startup which works in the healthcare space, has announced that it has secured $10 million in its new Series B funding round. This new round was led by Lok Capital. Existing investors of the company — Prime Venture Partners and Kalaari Capital have also participated in this round.
The newly infused capital will now be used by the company to meet the growing demand for its platform and to advance the countrywide adoption of the startup’s services in various hospitals. Further, the company is also aiming to launch new savings, lending, and insurance products to cover medical and healthcare expenses.
Commenting on the funding, Tejbir Singh, CEO, and Cofounder, 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.”
Venky Natarajan, Cofounder, 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.”
Affordplan was founded by Tejbir Singh and Hemal Bhatt in December 2015, and has been piloting the service since May 2016. The company is focussed on making healthcare accessible and affordable through planned savings for non-emergency medical services.
The company claims to have partnered with more than 300 hospitals in the country to make non-emergency procedures affordable and has already reached more than 100K patients. Some of the institutions include The CloudNine Group, Strand Life Sciences, and Millennium Cancer Centers, amongst others.