Care.fi Nets $2.6 Mn Debt To Expand Its Healthcare-Focused Fintech Offerings

Care.fi Nets $2.6 Mn Debt To Expand Its Healthcare-Focused Fintech Offerings

SUMMARY

The startup has secured debt funding of $2.6 Mn (around INR 21 Cr) from Trifecta Capital and UC Inclusive Credit

The Gurugram-based B2B company will deploy the fresh proceeds in business growth expansion and talent acquisition

As per Inc42 report, the fintech ecosystem’s lending space stood at more than $270 Mn in FY22, making it the fastest growing segment.

Healthcare-focused fintech startup Care.fi has secured debt funding of $2.6 Mn (around INR 21 Cr) from Trifecta Capital and UC Inclusive Credit. 

The Gurugram-based B2B company will deploy the fresh proceeds for business expansion and talent acquisition. It claims to have received its non-banking financial company (NBFC) licence in October last year. 

“The funds will be instrumental in further scaling our book size. In the last financial year, our total disbursals increased by 4X, with cumulative disbursals reaching $48 Mn (INR 400 Cr). The journey is upwards only from here,” said Car.fi’s cofounder Sidak Singh.

As per Care.fi’s website, the startup founded by Singh and Vikrant Agarwal in 2021, offers financial solutions, including supply chain financing, invoice discounting, unsecured business loans, equipment financing and others to hospitals, doctors and allied suppliers. 

It counts Peak XV Partners among its marquee investors.

The development comes at a time when India’s healthcare lending space has been seeing a lot of activities across M&A and funding.

For instance, fintech startup BharatX recently acquihired Zenifi for an undisclosed sum to foray into the healthcare lending space.

In December last year, Kunal Shah-backed digital banking platform, ANQ Finance acquired healthcare-focussed lending startup Kiwimoney for an undisclosed amount.

Healthcare focused fintech startup QubeHealth secured an undisclosed amount of funding  in its Pre-Series A round from Inflection Point Ventures, Green Ivy Ventures and other family investment offices last year.

Talking about new ventures in this space, BharatPe’s Ashneer Grover recently  joined forces with Aseem Ghavri to float a new lending tech startup called ZeroPe to offer medical loans up to INR 5 Lakh.

Even fintech major Paytm recently launched a new health and protection plan, ‘Paytm Health Saathi’ to facilitate its merchants with affordable and comprehensive healthcare benefits. 

As per Inc42 report, the fintech ecosystem’s lending space stood at more than $270 Mn in FY22, making it the fastest growing segment.

 

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