Affordplan, a savings-led platform for medical treatment, has today announced a $3 million fund raise for its Series A round. The investment was led by Prime Venture Partners and saw participation from existing backer Kalaari Capital. Currently operational in Delhi/NCR, the company had previously raised $500k through Kalaari Capital’s accelerator program Kstart in May 2016.
Affordplan marks to use the raised funds for expansion and networking purposes. The majority of funds will be channelized for taking the platform pan India. The target is to cover three more cities in coming 12 months.
Moreover,the savings platform intents to launch a mobile app having both hospital and patient interface. It also seeks to increase revenues through charging hospitals for the technology platform, the product, the collection services offered, and patient life cycle management.
Commenting on the fundraising round, Shripati Acharya, Managing Partner, Prime Venture Partners stated,
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.
Founded in December 2015, Affordplan started delivering its services to users in May 2016. The platform basically covers non-emergency medical expenses such as pregnancy, eye care, dental, plastic surgeries, orthopaedic, bariatric, and more. It allows users to save on daily, weekly or monthly basis for such predictable expenses. It further provides discounts on medical bills and diagnostic services and lowers overall medication costs upto 15-20%. Affordplan focuses on making healthcare affordable and accessible through planned savings in India.
Tejbir Singh, CEO and co-founder at Affordplan, also shared his views as under:
It is a very exciting time for us at Affordplan. We deeply believe in the need for widespread health care access and affordability in India.We have built a unique solution and are seeing excellent traction from hospitals and patients alike.
With less than 20% of population covered under medical insurance, platforms like Affordplan are the need of the hour. Considerable growth and tremendous funding has been seen by the fintech+healthtech platform since May 2016.