Care.fi raises .6M to accelerate growth of healthcare-focused fintech sector in India

Care.fi raises $2.6M to accelerate growth of healthcare-focused fintech sector in India

Care.fi raises .6M to accelerate growth of healthcare-focused fintech sector in IndiaNew Delhi, July 9, 2024: Care.fi, a pioneering healthcare fintech startup focused on providing smart financing solutions to the healthcare sector, has successfully raised $2 Mn (INR 16Cr) in equity financing from Trifecta Capital and an additional $0.6 Mn (INR 5Cr) from UC Inclusive Credit. This funding round fuels Care.fi’s vision to become India’s first healthcare-focused Small Finance Bank.

“We have experienced remarkable growth since our inception“, says Sidak Singh, co-founder of Care.fi. “The funds will play a significant role in further scaling our book size. In the last financial year, our total payouts have grown by 4x, with cumulative payouts of $48 million (INR 400Cr). The journey is only up from here. Based on our understanding of the market and the pain points of the patients, we have seen that optimizing the operational part, especially for insurance at a time when patients are eager to complete their payments and go home, is very important. We now see this emerging as a fast-growing ecosystem and we hope to continue to improve it.”

Care.fi’s rapid progress is marked by the significant milestone of receiving an NBFC license within just two years of operations. This achievement is a testament to the company’s commitment to revolutionizing healthcare financing in India.

“We will use this funding to build on two key building blocks, namely expanding and growing the business and strengthening the team with new, relevant talent to reach new milestones. We already work with over 50 renowned hospitals and have helped over 2,000 patients with their claims. With this funding, we are expanding our footprint and continuing to invest in improving fintech in healthcare, particularly to optimize the operational part of hospital management,” shared Vikrant Agrawal, Co-Founder of Care.fi