Delhi-based fintech startup AffordPlan which works for healthcare space has raised $ 10 million in series B funding round led by Lok Capital. Omidyar Network, Prime Venture Partners and Kalaari Capital, among others, participated in the funding round.
AffordPlan offers financial assistance for non-emergency medical and expensive procedures related to pregnancy, eye care, plastic surgeries, bariatric, among others.
Commenting on the development, Tejbir Singh, AffordPlan co-founder and CEO, said, “We will use the funds to strengthen our team, expand operations to 3-4 tier I cities and introduce newer products around saving, lending and insurance.”
AffordPlan has partnered more than 300 hospitals in the country and helped about 1 lakh patients.
“The current system of healthcare financing is mostly out-of-pocket payments. The penetration of health insurance is less and Indian households often rely on their savings to finance healthcare expenses. We are working towards reducing the burden of out-of-pocket expenses for patients and are making healthcare more accessible and affordable,” he added.
Singh stated that through its network of partnerships, AffordPlan helps bring down the overall treatment costs by as much as 15-20 per cent.