AffordPlan, a healthcare focused fintech company, on Monday said it has raised $10 million in funding led by Lok Capital. Above, AffordPlan co-founder and CEO Tejbir Singh.
Bengaluru: Delhi-based AffordPlan, which helps patients save up for medical procedures, on Monday said it has raised $10 million in a Series B funding round led by Lok Capital. Omidyar Network, Prime Venture Partners and Kalaari Capital, among others, participated in the round.
Usekiwi Infolabs Pvt. Ltd, which runs AffordPlan, will use the money for hiring and improving its distribution and supply chain.
It also plans to launch insurance and lending products in the future.
AffordPlan chief executive Tejbir Singh said the company lets its customers pick a preferred hospital and save the money in an escrow account.
Patients are not charged for the service, and the money can be withdrawn at any point in time, he said over the phone.
AffordPlan claims to have added more than 300 hospitals to its platform and reached more than 100,000 patients.
Some of the institutions working with AffordPlan are The Cloud Nine Group, Strand Life Sciences, and Millennium Cancer Centers, among others. AffordPlan operates Delhi-NCR region and Bengaluru.
“The Indian healthcare sector is evolving to a state where patients will have multiple options for accessing healthcare from public & private insurance schemes, and other financial services initiatives. We have positioned AffordPlan at the intersection of finance, healthcare, and technology to bring financial innovation to healthcare,” said Singh in a statement.