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AffordPlan, a healthcare focussed fintech company, has raised about ₹65 crore ($10 million) in a Series B round led by impact investor Lok Capital and Omidyar Network. Existing investors Prime Venture Partners and Kalaari Capital participated in the round.
Over the next 12-18 months, the company will build a full stack of financial services products for healthcare and deepen its distribution and supply chain capabilities. It will use the money to meet the growing demand for its savings-based finance platform and to take its services to various hospitals across the country. It also plans to launch new savings, lending and insurance products to cover medical and healthcare expenses. The Delhi-based AffordPlan plans to hire over 200 employees by the end of 2018.
According to a press release, AffordPlan has partnered with more than 300 hospitals to make non-emergency procedures affordable. It has reached more than one lakh patients.
Savings product
The fintech start-up allows for planned savings that suit non-emergency medical and expensive procedures such as pregnancy, eye care, dental, plastic surgeries, orthopaedic and bariatric. Its savings-led product gives a financial alternative that allows hospitals and diagnostic centres to improve access and affordability of medical services.
According to the release, AffordPlan enables hospitals to offer a tailored solution for patients to plan, save and pay for medical procedures. AffordPlan gives hospitals the visibility of future cash flows and enables them to deliver the prescribed treatment without any interruptions due to cash-flow issues.
Founded by Tejbir Singh and Hemal Bhatt in December 2015, AffordPlan piloted the service in May 2016. It raised ₹3 crore when selected as part of KStart's first incubator batch in early 2016. During the launch in November 2016, it raised ₹20 crore as part of its Series A round, led by Prime Venture Partners and Kalaari Capital. The company offers its services in Delhi/NCR and Bengaluru and plans to extend to three more cities in the next 12 months.
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