Healthcare fintech startup Care.fi has secured $2 million in debt from Trifecta Capital and an additional $600,000 from UC Inclusive Credit, an impact-focused NBFC backed by TV Mohandas Pai’s Aarin Capital to support healthcare supply chain needs for hospitals.
Care.fi aims to become a healthcare-focused small finance bank and provides supply chain financing for hospitals, pharmacies, manufacturers, and suppliers in the healthcare sector.
“We are going to deploy this funding across two major building blocks, i.e., expansion and growing the business and strengthening the team with fresh, relevant talent to achieve new milestones,” said Vikrant Agrawal, Co-founder Care.fi.
Care.fi plans to use these funds to expand its book size, with disbursals having grown 4x in the last financial year to $48 million. Sidak Singh, Co-founder of Care.fi, stated that the company will focus on scaling its operations and enhancing its business capabilities.
“The journey is upwards only from here. Based on our understanding of the market and the patients’ pain points, we have seen that optimising the operational bit, especially for insurance when patients are eager to make payments and go home, is very important,” said Singh.
Innovative Financing Solutions
Care.fi’s product, CareCred, allows hospitals to raise finance against their invoices and offers real-time payment dues and transaction updates. This system also enables hospitals to set up autopay to streamline repayment processes.
The Gurugram-based company, co-founded in 2021 by Sidak Singh and Vikrant Agarwal, has already collaborated with over 50 hospitals and assisted more than 2,000 patients with their claims. The company’s cumulative disbursals have reached $48 million.
The healthcare sector in India is evolving, with increasing spending on private healthcare, growing pharmaceutical manufacturing and services, and a developing healthcare technology ecosystem. According to a Bain & Company report, India remains a leader in healthcare deal value across the Asia-Pacific region, hosting 22 healthcare deals in 2023 with a deal value of $4.6 billion.
Care.fi has obtained an NBFC license within two years of operation, positioning itself alongside major players like CarePay, SaveIn, and Bajaj Finserv Health in healthcare financing.
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