Care.fi, a fintech platform focused on healthcare, has raised $8 million in a Series A funding round, combining equity and debt.
Out of this, $5 million in equity funding was led by July Ventures, with participation from Peak XV Partners, Accion Venture Lab, and Sadev Ventures. Another $3 million in debt funding was provided by Trifecta and Vivriti.
The company will use the money to expand into new Indian cities such as Jaipur, Lucknow, and Chandigarh, strengthen its AI-powered healthcare system, and grow its presence internationally in the US and the Middle East.
“The insurance penetration in India is increasing. So, we need to expand faster to cope with the demand. Currently, we operate in five cities, and we plan to expand it to around 12 to 15 cities in the coming months,” said Vikrant Agrawal, cofounder of Care.fi.
“A single hospital has to manage many insurance players and claims. The process is getting more complex with documents, capturing live photos, and more. This is where our platform comes into play. Our AI engine in the background will efficiently identify and collect the claim details,” said Sidak Singh, cofounder of the company.
“Getting discharged, with insurance, from a large Indian hospital can be tedious and lengthy. Care.fi’s instant discharge solution demonstrates how innovation and trust come together to create world-class customer experiences,” said Mohit Bhatnagar, managing director at Peak XV Partners.
Care.fi was founded in 2021 by Sidak Singh and Vikrant Agrawal. The company has built a platform that uses AI to help hospitals handle documentation, medical coding, and insurance claims more efficiently.
In addition, Care.fi has an NBFC arm that provides working capital loans, helping healthcare businesses manage their cash flow better.
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