Affordplan, a Delhi-based fintech startup catering to the healthcare industry, has announced that it has raised INR20 crore (US$3 million) in Series A round of funding, led by Prime Venture Partners with participation from Kalaari Capital.
Affordplan, which empowers hospitals to improve access and affordability to medical services for its patients, will use the funds to expand the current team, build the network and scale the business to new cities.
Founded in December last year by Tejbir Singh and Hemal Bhatt, Affordplan is focused on making healthcare accessible and affordable through planned savings for non-emergency medical services. It enables hospitals to provide a tailored solution for patients to plan, save, and pay for their upcoming medical procedures.
By doing so, Affordplan provides the hospitals with the visibility of future cash flows. This enables the hospital to deliver the prescribed treatment without any interruptions and also decreases incidences of refusing treatments to patients because of cash-flow issues.
Affordplan allows consumers to decide how much to save on a daily, weekly, or monthly basis — as per their chosen plan and then make regular payments at their convenience. They can do so via online payments, by depositing money at the hospitals during their visits, or by availing pickup services directly from the comfort of their home.
The startup claims its solution is ideal for non-emergency procedures which can be planned for in advance, such as pregnancy, eye care, dental, plastic surgeries, orthopaedic, and bariatric.
In addition, consumers also receive discounts on medical bills and diagnostic services when they use Affordplan services bringing the overall treatment costs down by as much as 15-20 per cent.
It now plans to launch a mobile app that has a hospital interface as well as a patient interface.
Over the past year, the company has on-boarded several hospitals with several hundred patients. Affordplan is currently operational in the Delhi/NCR region with plans to expand to three other cities over the next 12 months.
The company has earlier raised INR 3 crore (under US$500,000) when selected as part of KStart’s first incubator batch in early 2016.