Affordplan Founders, Investors Exit Startup As CEO Leads Management Buyout

SUMMARY

The buyout was led by Affordplan’s CEO Aditya Sharma and also saw participation from new investors, including former Coca Cola CEO Sanjiv Gupta

Sharma and the new investors now own 100% stake in the fintech startup, which provides a bouquet of financial offerings focused on healthcare

Affordplan claims to have partnered with hundreds of hospitals across 30 cities and catered to over a lakh patients to date

The founders and four private equity investors of healthcare-focussed fintech startup Affordplan have exited following a management buyout.

In a statement, Affordplan said the buyout was led by its CEO Aditya Sharma and also saw participation from new investors, including former Coca Cola CEO Sanjiv Gupta.

Sharma and the new investors now own 100% stake in the fintech startup.

Founded in 2016 by Hemal Bhatt and Tejbir Singh. Affordplan has a bouquet of financial offerings focused on healthcare. As per its website, it counted Kalaari Capital, Omidyar Network India, Prime Venture Partners and Lok Capital among its investors.

Commenting on the buyout, CEO Sharma said, “Our aim is to ensure that as many people as possible in the country are able to get access to quality healthcare at the most affordable costs. We are very grateful to our previous investors who have been highly supportive and have helped us on every step of the way.”

Affordplan’s latest product called Swasth, launched in 2020, is a healthcare savings platform that can be used across OPD, IPD, lab, and pharmacy services. The startup claims to have onboarded 3,50,000 families delivering cost savings to the tune of INR 20 Cr.

It also provides a digital wallet for healthcare payments. The wallet provides additional benefits in the form of instant cashback, exclusive hospital offers, and exclusive discounts on preferred brands through the Affordplan Swasth partner tie-ups. The startup also offers medical loans.

Affordplan claims to have partnered with hundreds of hospitals across 30 cities.

It last raised $10 Mn in its Series B round in 2018. Overall, the startup has raised a total funding of $12 Mn till date.

The Indian fintech ecosystem has raised funding of $27 Bn in the 2014- H1 2023 period. According to Inc42’s State Of The Indian Fintech Report Q2 2023, the market is expected to grow to a size of $2.1 Tn by 2030.

Earlier this month, yet another healthcare-focused fintech startup QubeHealth secured an undisclosed amount of funding in its pre-Series A round.