Care.fi, a healthcare-focused fintech start-up focused on providing smart financing solutions to the healthcare sector, has raised $2 million in debt capital from Trifecta Capital and an additional $0.6 million from UC Inclusive Credit.
With this funding, the company aims to increase its presence and continue to invest in the betterment of healthcare fintech, especially for optimizing the operational end of hospital management.
Care.fi, a healthcare-focused fintech start-up focused on providing smart financing solutions to the healthcare sector, has raised $2 million in debt capital from Trifecta Capital and an additional $0.6 million from UC Inclusive Credit.
"We have witnessed remarkable growth since our inception," said Sidak Singh, co-founder of Care.fi. "The funds will be instrumental in further scaling our book size. In the last financial year, our total disbursals increased by 4x, with cumulative disbursals reaching $48 million,” added Singh.
Co-founded by Sidak Singh and Vikrant Agarwal in 2021, the company provides smart financing solutions to doctors, allied suppliers, and hospitals. It’s aim is to bridge the gap in funding in the healthcare sector.
Within two years after its operation, Care.fi got its NBFC license from the Central Bank. "We are going to deploy this funding across two major building blocks, i.e., expansion and growing the business and strengthening the team with fresh, relevant talent to achieve new milestones,” said Vikrant Agrawal, co-founder at Care.fi.
Agrawal also mentioned that they are already working with more than 50 hospitals and have helped over 2,000 patients with their claims.
With this funding, the company aims to increase its presence and continue to invest in the betterment of healthcare fintech, especially for optimising the operational end of hospital management, added Agrawal. This funding round fuels Care.fi's vision of becoming India's first healthcare-focused small finance bank, as per a company statement.
In terms of the healthcare industry, a report by Bain and Company says, “Global PE investors have grown more comfortable putting larger amounts of capital to work in India, making the market more competitive.”
The report adds that the three factors that have contributed to India's emergence as a new center for PE deals in the healthcare sector include increased spending on both public and private healthcare, a rising pharmaceutical industry, and a changing ecosystem of healthcare technology.