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SRI Capital, owned by serial entrepreneur Sashi Reddi, has invested $1 million into the New Delhi-based healthcare fintech start-up LetsMD. The start-up will use the proceeds to scale up operations across the country.
LetsMD gives financial access to people for tertiary level healthcare needs. It uses technology to generate loans faster and cater to a wide segment of borrowers who traditionally depend on private sources at exorbitant interest rates.
“LetsMD has tied up with more than 200 reputed hospitals and super speciality chains like Fortis Healthcare, BLK Hospital and Apollo Hospitals in the Delhi-NCR region so far,” a statement said here on Wednesday.
Existing Investor Waterbridge Ventures along with Thinkuvate also participated in this round of funding.
"With private insurance penetration pegged at less than 10 per cent and healthcare inflation growing at more than 15 per cent, financing Out of Pocket expenses will be healthcare’s most important challenge in the next decade,”the statement said.
“Moving people from informal and often predatory lending to low, or even zero, interest options is exactly what Indian consumers need,” Sashi Reddi said.
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