HealthCRED Nets Funding To Expand Healthcare Fintech Offerings

SUMMARY

The company looks to deploy the fresh proceeds to enhance its customer relationships and expand operations to the southern and western parts of the country

Besides, it will be looking to onboard fresh talents and develop a SaaS system around B2B loan onboarding and loan management systems

Founded in 2022 by Shrey Jain and Arpit Jangir, HealthCRED claims to offer end-to-end financing solutions at low cost for partners in the healthcare domain

Healthcare financing startup HealthCRED has raised $1.2 Mn in a seed funding round co-led by venture capital firms Antler India, TRTL VC and iSeedVC.

The round also saw participation from institutional investors like DeVC and Angel List India, along with a host of angel investors, including IAMAI president Subho Ray, Uni Cards CEO Nitin Gupta and ParkPlus CEO Amit Lakhotia among others.

The company looks to deploy the fresh proceeds to enhance its customer relationships and expand operations to the southern and western parts of the country.

Besides, it will be looking to onboard fresh talents and develop a SaaS system around B2B loan onboarding and loan management systems.

Founded in 2022 by Shrey Jain and Arpit Jangir, HealthCRED claims to offer end-to-end financing solutions at low cost for partners in the healthcare domain.

These partners include Hospitals, specialised Healthcare Service Providers (HSPs across nephrology, oncology, and diagnostics), Insurers, and Pharmaceutical and Consumable Supply Chains, among others.

“With the rapid penetration of health insurance in the post-COVID scenario, there has been an increased working capital management stress for hospitals and HSPs. The key factor is the delay associated with the realisation of insurance receivables. We aim to work towards stabilising their cash flow cycles, through early financing of these delayed receivables, ” Jain said.

India’s healthcare startups have been gaining investor’s attention for quite some time now.

For instance, Healthcare startup Icanheal raised INR 15 Cr (around $1.8 Mn) in a seed funding round led by IvyCap Ventures.

In the same month, healthcare-focused fintech startup Care.fi secured debt funding of $2.6 Mn (around INR 21 Cr) from Trifecta Capital and UC Inclusive Credit.

Earlier in June, Mumbai-based healthtech startup Alyve Health raised INR 45 Cr, (around $5.5 Mn) in a Series A funding round led by Axilor Ventures, along with participation from existing investor 1Crowd Fund and Inhealth Ventures.

As per Inc42 report, the market size of India’s healthtech sector is expected to reach $21.3 Bn by 2025.

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