New Delhi: AffordPlan, a healthcare-focused fintech company said it has raised $10 million in funding led by Lok Capital.
The series B funding round also saw participation from Omidyar Network, alongside existing investors Prime Venture Partners and Kalaari Capital.
“We will use the funds to strengthen our team, expand operations to 3-4 tier I cities and introduce newer products around saving, lending and insurance,” AffordPlan co-founder and chief executive officer (CEO) Tejbir Singh told PTI.
AffordPlan has partnered more than 300 hospitals in the country and helped about 1 lakh patients. With its savings-led product, AffordPlan offers financial assistance for non-emergency medical and expensive procedures related to pregnancy, eye care, plastic surgeries, bariatric, among others.
“The current system of healthcare financing is mostly out-of-pocket payments. The penetration of health insurance is less and Indian households often rely on their savings to finance healthcare expenses. We are working towards reducing the burden of out-of-pocket expenses for patients and are making healthcare more accessible and affordable,” he said.
He added that through its network of partnerships, AffordPlan helps bring down the overall treatment costs by as much as 15-20%.
The Delhi-based company is expanding rapidly and is looking to hire more than 200 employees across India by the end of 2018. It has about 125 people as of now.
Singh said the company also plans to expand to cities like Mumbai, Hyderabad, and Pune over the next few months to expand its operations.