Affordplan, a Delhi-based healthcare startup has raised $10 million in Series B round of funding led by Lok Capital, Omidyar Network including participation from existing investors like Kalaari Capital and Prime Venture Partners.
Working in the fintech space, Affordplan aims to utilise the fresh funds raised to expand their product offerings while also ramping up their channels of distribution over the next year-and-a-half.
The startup works closely with about 300 hospitals across India to offer affordable savings products and have reportedly served around one lakh patients already. Individuals that are required to undergo planned medical procedures and surgeries can save money on the Affordplan platform via daily, weekly or monthly payments. The total amount saved, over a period of time, can be used for the procedures.
Tejbir Singh, one of the cofounders of Affordplan elaborated that savings like these are ideal for patients about to undergo non-emergency, planned procedures, including pregnancy, dental care, eye operations, plastic surgeries, orthopedic and more.
“We have positioned AffordPlan at the intersection of finance, healthcare and technology to bring financial innovation to healthcare. We are well on our way to create the largest distribution network for financial services in healthcare in India,” said Singh.
The CloudNine Group, Standard Life Sciences and Millennium Cancer Centers are among the list of institutions that Affordplan works with. As such, they are also able to facilitate discounts on the total expenses at the partnered hospitals and diagnostics.
Affordplan is also planning to launch new savings, lending and insurance products that will cover medical and healthcare expenses and is looking to hire more employees across the country.