Delhi-based fintech startup Affordplan on Tuesday announced that it has raised Rs 20 crore in Series A funding from Prime Venture Partners with Kalaari Capital as a co-investor. Earlier this year, the company had raised Rs 3 crore when it was selected in the first incubator batch by Kstart, a seed fund initiative by Kalaari Capital.
The company, which is currently operational in the Delhi/NCR region, plans to use the funds to expand to three other cities over the next year. It will hire more people, build its network and scale its business in these new cities, which it refrained from naming at the moment.
Affordplan aims to make healthcare affordable and accessible for the masses by encouraging planned savings for non-emergency medical services. The platform saves patients from having to pay large amounts at hospitals.
It is a prepayment web platform that enables patients to plan their non-emergency procedures — like eye care, pregnancy, dental care, plastic surgery, orthopaedic and bariatric treatments — through planned savings so they can get the treatment when they need it. Affordplan’s schemes enables hospitals to get visibility into a patient’s cash flows and tailor medical solutions so the prescribed treatment is delivered in a smooth manner.
Affordplan aims to make healthcare affordable and accessible for the masses by encouraging planned savings for non-emergency medical services. It does not charge any interest from consumers
The company does not charge any interest from consumers. It acts as a collection platform and charge a fee from the hospitals they tie up with.
“We are unlike medical insurance companies. What we are trying to do is understand the personal situations of each patient. Once we understand the medical condition and cash flow situation of each individual, we customise plans for them,” said Tejbir Singh, CEO and co-founder, Affordplan.
Affordplan will set up kiosks and have representatives stationed at hospitals in the cities it is targeting. These representatives will guide patients who sign up with the company understand their medical requirements and provide them the best savings plan. Consumers can decide how much they need to save and make regular payments at their convenience as per their chosen plan.Through the platform, patients can track the progress of their payments and avail discounts on medicines, operations, etc.
Silicon valley-based venture capital firm Social + Capital is an investor in Prime Ventures (Watch: Why top VC Chamath Palihapitiya is bullish on India).
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