Healthcare-centric fintech startup Care.fi has raised debt funding worth $2.6 million from Trifecta Capital accounting for $2 million, and UC Inclusive Credit contributing $0.6 million.
The Gurugram-based b2b platform plans to utilize the funds in business expansion and talent acquisition that aligns with its aim of making healthcare accessible for all, as stated in a press release. In FY23, the startup’s total disbursals had grown 4 times with cumulative disbursals being $48 million.
Sidak Singh and Vikrant Agarwal co-founded the fintech firm in 2021, addressing the funding requirements of the healthcare industry with its services including financial solutions such as supply chain financing, invoice discounting, unsecured business loans, and equipment financing to hospitals, doctors and medical suppliers. The firm has so far assisted 50 hospitals and 20,000 patients.
Care.fi claims to have received its NBFC license just last year, within two years of starting its operations. Peak XV Partners is a marquee investor in the startup.
As for India’s healthcare funding sector, It competes with the likes of Bajaj Finserv Health, CarePay, and SaveIn. The fintech ecosystem’s lending space has been the fastest-growing sector, being worth $270 million as of 2022. Fintech major, Paytm, has launched its ‘Paytm Health Saathi’ program to provide affordable healthcare services to its merchants. BharatPe’s Ashneer Grover has partnered with Aseem Ghavri to establish a tech startup ZeroPe, that would fund medical loans up to Rs 5 lakh.
Another healthcare-focused fintech startup QubeHealth, raised an undisclosed sum in its Pre Series A round led by Infectious Point Ventures, Green Ivy Ventures and other family offices in FY23. While BharatX acquihired Zenifiand, Kunal Shah-backed digital banking platform ANQ finance also acquihired KiwiMoney into the healthcare funding sector with undisclosed amounts.
