AffordPlan, the healthcare financial planning platform recently raised a funding round of Rs 55.8 crore in a Series B funding round from Lok Capital and Omidyar Network. This funding round also saw the participation of existing investors Prime Venture Partners and Kalaari Capital.
The company which is owned and operated by Usekiwi Infolabs Private Limited first allotted 20 equity share of Rs 10 a piece at a premium of Rs 52,741.18 a piece as well as 10,584 Series B preference share worth Rs 20 a piece at a premium of Rs 52,731.18 per share.
Affordplan is a platform that helps its users plan and prepare medical expense for non-life threatening injuries and interventions. Affordplan is a company based in Delhi and was founded in 2015 by MIT/IIM alumni Tejbir Singh and Hemal Bhatt who aimed at providing affordable healthcare payment facilities to the middle and lower class of the society. The fintech startup also allows hospitals to provide personalized payment plans to AffordPlan subscribers which will ultimately result in the patients saving on their future medical treatment.
The advantage of this payment system is that the hospitals know that there will be an influx of cash in the future therefore allowing the delivery of prescribed treatment with no interruptions while decreasing incidents such as refusal of medical treatment because of cash-flow issues.
This is the third round of funding that AffordPlan is benefitting from – their seed funding round came in May 2016 from Kalaari Capital worth $ 5 Lakhs and in November 2016, they received a Series A funding worth $ 3 Million from Prime Venture Partners and Kalaari Capital.