HealthCRED, a business-to-business (B2B) healthcare finance startup located in India, revealed that it had successfully raised $1.2 million in its initial funding round.
Antler India, TRTL VC, DeVC, iSeedVC, and Angel List India led the round, according to a statement released by HealthCRED.
Notable angel investors Dr. Subho Ray (President, IAMAI), Nitin Gupta (Chief Executive Officer [CEO], Uni Cards), Amit Lakhotia (CEO, ParkPlus), and the founders of InsuranceDekho and SEA-based Docquity also participated in the round.
The announcement claims that the money infusion would be strategically used to improve customer connections and grow the company’s activities into the Western and Southern regions of the nation.
It will also be used to create an end-to-end digitalised B2B healthcare lending framework by hiring new personnel and developing cutting edge B2B loan onboarding and loan management tools.
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Targeting the demands of India’s rapidly expanding $300 billion+ healthcare industry, HealthCRED noted that the company is tackling a growing working capital need in hospitals and the healthcare supply chain.
The organisation has set ambitious growth ambitions and plans to disburse over $1 billion in digital methods based on alternate data-driven underwriting over the next five years.
HealthCRED is a small finance bank (SFB) with a focus on healthcare that was founded in 2022 by Shrey Jain and Arpit Jangir. The business offers financing options designed specifically for the healthcare industry.
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In order to create clever and effective funding solutions, its collaborative strategy entails collaborating with hospitals, insurers, specialised healthcare service providers (HSPs in nephrology, cancer, and diagnostics), and partners in the pharmaceutical and consumable supply chains.
“With the rapid penetration of health insurance in the post-COVID scenario, there has been an increased working capital management stress for hospitals and HSPs, The key factor is the delay associated with the realization of insurance receivables,” said Shrey Jain, Co-Founder and CEO of HealthCRED. Our aim is to work towards stabilizing their cash flow cycles, through early financing of these delayed receivables, This would help further ensure quality delivery of patient care, thereby enabling improved alignment with SDG Target 3.8 and universal healthcare coverage (UHC),” he added.
About HealthCRED
HealthCred provides fair and flexible financing options for hospitals, medical device/drug producers, distributors, importers, and others to stabilise cash flows. SDG Target 3.8, which seeks financial inclusiveness in healthcare, is supported by HealthCred-powered stakeholders’ revenue growth.
