Affordplan raises Rs 20 crore from Prime Venture, Kalaari

Moneycontrol BureauDelhi-based fintech startup Affordplan has raised Rs 20 crores in Series A funding round led by Prime Venture Partners and Kalaari Capital as a co-investor. These funds will be utilised to expand the current team, build the network and scale the business to new cities across India.

The company offers a product that helps hospitals to improve on their services for its patients. The Startup is focused on making healthcare accessible and affordable through planned savings for non-emergency medical services which enables the hospitals to deliver the prescribed treatment without any interruptions. It allows consumers to decide how much to save on a daily, weekly, or monthly basis.

Tejbir Singh, CEO & co-founder, Affordplan said “We deeply believe in the need for widespread healthcare access and affordability in India. In less than a year we have been fortunate to partner with Prime Ventures and Kalaari Capital. We have built a unique solution and are seeing excellent traction from hospitals and patients alike. Our goal is to build the best tech-led healthcare payments platform in India.”

Currently, the company offers its services in the Delhi-NCR region and plans to expand to 3 more cities over the next 12 months.

Speaking on the development, Shripati Acharya, Managing Partner, Prime Venture Partners said “Application of fintech in order to make healthcare more accessible and affordable is the need of the hour in India. Backed by an excellent founding team, we are excited about the possibilities which Affordplan will open for millions of Indians.”

Adding to the thought, Bala Srinivasa, Partner, Kalaari Capital said “Hundreds of millions of Indians have serious working capital problems that hamper their ability to pay for even for planned hospital procedures. Hospitals in turn lose thousands of crores by turning away patients. We believe there is massive potential for Affordplan’s alternative finance platform to reshape health care access and affordability in India.”

The startup also plans to launch a mobile app that has a hospital interface as well as a patient interface.

How it works

Affordplan provides tailored financial planning solutions that allow the people to plan, save & pay for their medical expenses. It offers monthly, bi-monthly and weekly savings options. Users can deposit the money at selected hospitals, ask for pick up services, or make payment online. Offers a platform to healthcare institutions to track footfall, enroll patients, get patient demographics, etc.