Total amount raised
$12 Millions
Latest funding date
04/01/2018
Location
Affordplan has successfully raised funding through multiple rounds, including a Series B round, with notable investors such as Prime Venture Partners and Omidyar Network India. The company offers a tech product that allows doctors and patients to co-design payment plans for non-emergency healthcare services.
Keep reading to explore the intricacies of Affordplan's fundraising journey and the investors backing this innovative platform.
What Is Affordplan?
Affordplan, founded in 2016, operates in the Financial Services, FinTech, Health Care, and Hospitality industries. The company is headquartered in New Delhi, India, and was established by Hemal Bhatt and Tejbir Singh.
With an employee count ranging between 101-250, Affordplan focuses on creating tech products that allow doctors and patients to co-design payment plans for non-emergency healthcare services. Their offerings include a digital wallet, savings plans, instant loans, and insurance for healthcare needs.
How Much Funding Has Affordplan Raised?
- Seed Round
- Amount Raised: $500K
- Date: May 2016
- Lead Investors: Kalaari Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and operations as part of Kalaari Capital's accelerator program.
- Series A
- Amount Raised: ₹200M
- Date: November 2016
- Lead Investors: Prime Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the business and enhance the platform's capabilities.
- Series B
- Amount Raised: ₹558M
- Date: April 2018
- Lead Investors: Lok Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up geographically and launch new savings, lending, and insurance products to cover medical and healthcare expenses.
Total Amount Raised: $14.3M
Current Valuation: Not publicly disclosed
Key Investors
- Lok Capital
- Details: Lok Capital is an impact investment firm that focuses on financial inclusion, healthcare, and agriculture. They aim to support businesses that provide essential services to underserved populations.
- Investment Focus Areas: Financial inclusion, healthcare, agriculture
- Notable Investments: Varthana, Drip Capital, Ujjivan Financial Services
- Omidyar Network
- Details: Omidyar Network is a philanthropic investment firm established by eBay founder Pierre Omidyar. They invest in innovative organizations that create social impact.
- Investment Focus Areas: Digital identity, education, financial inclusion
- Notable Investments: d.light, Aspiring Minds, Bridge International Academies
- Prime Venture Partners
- Details: Prime Venture Partners is an early-stage venture capital firm that invests in technology-driven startups. They focus on sectors like fintech, SaaS, and healthcare.
- Investment Focus Areas: Fintech, SaaS, healthcare
- Notable Investments: MyGate, Happay, KredX
- Kalaari Capital
- Details: Kalaari Capital is a venture capital firm that invests in early-stage technology startups in India. They focus on sectors like e-commerce, healthcare, and digital content.
- Investment Focus Areas: E-commerce, healthcare, digital content
- Notable Investments: Dream11, Cure.fit, Urban Ladder
- Omidyar Network
- Details: Omidyar Network is a philanthropic investment firm established by eBay founder Pierre Omidyar. They invest in innovative organizations that create social impact.
- Investment Focus Areas: Digital identity, education, financial inclusion
- Notable Investments: d.light, Aspiring Minds, Bridge International Academies
What's Next for Affordplan?
Affordplan stands at the cusp of significant growth opportunities. With plans to expand geographically and introduce new savings, lending, and insurance products, the company aims to build a comprehensive financial services platform for healthcare. This expansion could potentially reach more hospitals and patients, enhancing their market presence.
Future fundraising efforts are likely to be driven by these ambitious growth plans. As Affordplan scales its operations and broadens its product offerings, attracting further investment will be crucial. The company’s focus on making healthcare more affordable aligns well with current industry trends, making it an attractive prospect for investors.
However, challenges such as competition from other fintech and healthcare startups, regulatory hurdles, and the complexities of scaling operations could pose significant obstacles. Ensuring service quality while expanding rapidly will be essential for Affordplan to maintain its competitive edge and achieve its long-term goals.
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