Fresh funding complements earlier Care.fi investments of $2.6 million and fuels fintech’s vision of becoming India’s healthcare-focused Small Finance Bank.
Care.fi, Indian fintech that focuses on smart financing solutions for hospitals, doctors, and allied suppliers, has raised Rs 8 crore (about $955K) in debt capital from Wint Wealth and Caspian.
Three months ago, the company raised $2 million (Rs 16 crore) in debt capital from Trifecta Capital, and an additional $0.6 million (Rs 5 crore) from UC Inclusive Credit.
Fresh financing “brings us a step closer to bringing the necessary change in the health-FinTech space,” said Sidak Singh, co-founder of Care.fi.
The industry pain points addressed by the startup include healthcare insurance, operational challenges and financial complexities. The company is growing rapidly. According to Singh, last financial year, Care.fi reached cumulative disbursals of INR 400 crore – a 4x growth. The startup also managed to receive an NBFC license in just 2 years of operations.
“Our focus currently is on two major building blocks, i.e., strengthening the team with the right talent and focusing on expansion and growing the business. We are currently working with more than 50+ renowned hospitals and have helped 2,000+ patients with their claims. This funding will help us further increase our presence in the market and invest in the betterment of healthcare FinTech, especially for optimising the operational end of hospital management.”
Vikrant Agrawal, co-founder at Care.fi
Care.fi operates in a competitive landscape alongside other major local players like CarePay, SaveIn, and Bajaj Finserv Health. Indian BNPL fintech startup BharatX, backed by Y-Combinator, is also ready to expand its services to the healthcare segment with the new acquisition of Zenifi and new infrastructure developed specifically for medical lending. Nevertheless, with investor trust and visible growth, Care.fi is well-positioned to continue its expansion in this competitive market, contributing to the transformation of healthcare financing in India.
