Homegrown B2B healthcare financing startup HealthCRED on Monday announced that it has raised $1.2 million in a seed funding round led by Antler India, TRTL VC, DeVC, iSeedVC and Angel List India.
The funding round also saw participation from prominent angel investors including Dr Subho Ray (President, IAMAI), Nitin Gupta (CEO, Uni Cards), Amit Lakhotia (CEO, ParkPlus) and founders of InsuranceDekho and SEA-based Docquity.
“Our aim is to work towards stabilising their cash flow cycles, through early financing of these delayed receivables. This would help further ensure quality delivery of patient care, thereby enabling improved alignment with SDG Target 3.8 and Universal Healthcare Coverage (UHC),” Shrey Jain, Co-Founder & CEO of HealthCRED, said in a statement.
According to the company, the new funding will be strategically utilised to enhance customer relationships and expand operations to the Southern and Western parts of the country.
The funds will also be used to hire fresh talents and develop state-of-the-art B2B loan onboarding and loan management systems, creating an end-to-end digitised B2B healthcare lending framework.
“Banks and NBFCs typically focus on large hospital infrastructural loans, leaving small hospitals underserved. HealthCRED aims to address this by offering working capital finance against cashless insurance receivables, targeting a multi-billion dollar gap,” said Nitin Sharma, Partner at Antler India.
The startup was founded by Jain and Arpit Jangir in 2022. HealthCRED’s collaborative approach includes partnering with Hospitals, specialised Healthcare Service Providers (HSPs across nephrology, oncology, and diagnostics), Insurers, and Pharmaceutical and Consumable Supply Chain partners to deliver intelligent and efficient financing solutions.