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Saturday, June 6, 2020
Home INSPIRATION Affordplan secures Series B funding round

Affordplan secures Series B funding round

Delhi-based startup secured ₹55.8 Cr in Series B round of funding from Lok Capital and Omidyar Network.

The Delhi-based startup also saw a participation of existing investors Prime Venture Partners and Kalaari Capital in the latest financing round.

This is the third round of capital infusion for Affordplan. The startup was a part of Kalaari Capital’s incubator KStart and had earlier raised Rs 3 crore in a seed round in May 2016. Six months later it secures Series A round of $3 million from Prime Venture Partners and Kalaari.

Owned and operated by Usekiwi Infolabs Private Limited, Affordplan allotted 20 equity shares of ₹10/- each at a premium of ₹52,741.18/- per share and 10,584 Series B preference shares of ₹20/- each at a premium of ₹52,731.18/- per share on March 29, 2018.

Founded in 2015 by Tejbir Singh and Hemal Bhatt, Affordplan helps people plan and prepare for the medical expenses for non-emergent procedures in advance. It enables hospitals to provide customised solutions to patients to help them plan and save for their upcoming medical procedures.

The fintech platform can be used for non-emergency procedures which can be planned for in advance such as pregnancy, eye care, dental, plastic surgeries and orthopaedic procedures, among others.

Affordplan does not charge any interest from consumers. It makes money by charging hospitals a variable fee based on the procedures patients opt for, and it works with small to mid-sized hospitals. It acts as a collection platform and charges fee from the hospitals they tie up with.

With over 250 hospitals partners, the company operates in 10 cities and it claims to serve over 90,000 patients so far.

Of late, Omidyar Network led $2.8 million seed round in fintech startup Kaleidofin. Earlier, this year, the vc firm also participated in funding rounds of Hyderabad-based NowFloats, parenting startup Healofy and self-publishing startup Pratilipi.

The development was reported by Paper.vc.

 

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