Bengaluru-based insurance-tech startup, Healspan, specializing in B2B insurance claims management software, has successfully raised INR 1.2 Crore in a pre-seed funding round led by the startup community-builder and accelerator PedalStart. This marks a significant milestone for Healspan, which has already garnered a total funding of INR 1.7 Crore through strategic fundraising efforts since its inception in 2022.
Healspan has been at the forefront of revolutionizing claims filing and tracking processes, providing seamless solutions to over 60 hospitals across India. The freshly acquired pre-seed capital will be allocated towards strengthening the company’s technology, acquiring top talent, and overall business operations and growth. The funds will play a crucial role in expanding Healspan’s clientele, boosting subscriptions, and driving revenue.
Empowering Healthcare Operations: Healspan’s Co-Founders, Mr. Sabarinath U and Mr. Abhi Sinha, expressed their enthusiasm about the pre-seed fundraise. They highlighted the importance of this funding in facilitating significant enhancements and upgrades to their flagship software, especially focusing on optimizing the front-end. The infusion of capital will also enable Healspan to attract and onboard key talent, fostering sustainable and profitable growth while increasing their impact on the healthcare administration landscape.
The Co-Founders emphasized the long-term vision of Healspan, aiming to make healthcare administration effortless by automating and streamlining claims management using SaaS technology. They reiterated the commitment to ensuring that their software benefits maximum hospitals and tertiary healthcare centers across India.
PedalStart’s Perspective: Mr. Manas Pal and Mr. Aditya Darolia, Co-founders of PedalStart, acknowledged the transformative impact of technology-based solutions in India’s rapidly growing insurance market. They recognized Healspan’s innovative approach to addressing pain points on the B2B side, specifically in cashless insurance claims processing for hospitals. PedalStart sees Healspan’s software as a first-of-its-kind disruptive solution in India, providing the startup with an early-mover advantage in this niche segment.
The Co-founders of PedalStart expressed their confidence in Healspan’s founders’ vision and dedication to simplifying healthcare operations by comprehensively addressing claims management challenges. They shared their commitment to providing financial and other forms of backing to Healspan, anticipating continued support in the years to come.
Collaborative Growth: Healspan has been in collaboration with PedalStart for over six months, and the association has proven fruitful. The PedalStart team played a pivotal role in supporting Healspan’s entrepreneurial journey, assisting in overcoming business challenges, setting priorities, exploring additional revenue streams, and building momentum for the product. The collaboration also provided Healspan access to workspace setup and essential resources at discounted prices, demonstrating PedalStart’s continued guidance and support.
Owing to the ongoing support from PedalStart, Healspan experienced a remarkable 4x increase in revenue over the last four months. The startup focused on adding new revenue streams and paid subscribers while establishing a strong presence in major metros and tier 1 cities like Bengaluru, Chennai, Hyderabad, Delhi-NCR, and Mumbai.
Future Endeavors: Looking ahead, Healspan aims to expand to more locations across India, targeting at least 1000 hospitals by the end of 2025. The startup will continue to prioritize making cashless claim filing and tracking effortless for hospitals and patients. While maintaining its core focus, Healspan envisions extending its services beyond healthcare, addressing pain points for insurance and finance industry stakeholders in the long term.
