India-based Affordplan has netted $10m in its Series B round led by Lok Capital.
Other participants to the round included fellow new backer Omidyar Network, as well as returning investors Prime Venture Partners and Kalaari Capital.
Affordplan is a healthcare-focused FinTech platform which offers alternative finance to make treatment and services more affordable. The company helps consumers with savings to ensure that they are able to afford non-emergency medical and expensive procedures such as pregnancy, eye care, dental, plastic surgeries, orthopedic, bariatric, among others.
Users decide how much they save on a daily, weekly or monthly basis, but can also pay for their treatment or bills through the app.
Hospitals are able to gain future insight to cash flows which enables them to deliver prescribed treatment without holdbacks due to cash-flow.
The company has partnered with over 300 hospitals across India and has helped more than 100,000 patients. Over the next 12-18 months, Affordplan is hoping to build on its available products and broaden its distribution and supply chain capabilities.
This line of equity will be used to keep up with rising demand and increase its adoption to more hospitals. New services for saving, lending and insurance products to cover medical and healthcare expenses are also in the pipeline.
By the end of the year, Affordplan expects to hire more than 200 employees across the country.
Omidyar Network investments director Anuradha Ramachandran said, “AffordPlan helps people prepare for planned healthcare expenses, keeping them from derailing their finances—it checks all the marks for a relevant product that improves household financial health.
“We are excited by AffordPlan’s sharp focus on the healthcare vertical and believe their products are well suited to meet the real needs of Indian consumers, while also being highly relevant for other emerging markets.”
The company previously raised $3m in its Series A funding round in 2016, with Prime Venture Partners leading the investment. The former round, which also took a commitment from Kalaari Capital, was raised to expand its hospital network and team size.
Affordplan has also raised a $500,000 investment as part of KStart’s incubator batch in early 2016.
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