Business-to-business (B2B) healthcare financing firm HealthCRED announced that it raised $1.2 million in a seed funding round led by Antler India, TRTL VC, DeVC, iSeedVC, and Angel List India.
The round saw the participation of angel investors such as Internet and Mobile Association of India (IAMAI) President Subho Ray, Uni Cards chief executive officer (CEO) Nitin Gupta, among others.
The firm will utilise the raised capital to expand operations in the southern and western parts of the country.
Furthermore, the seed capital will be used to hire fresh talent and develop B2B loan onboarding and loan management systems (LMS).
The Delhi-based company has a post-money valuation of $13 million, according to data from market intelligence platform Tracxn.
“With the rapid penetration of health insurance in the post-COVID scenario, there has been increased working capital management stress for hospitals and health service providers (HSPs). The key factor is the delay associated with the realisation of insurance receivables,” said Shrey Jain, co-founder and CEO, HealthCRED.
Jain added that the company is working towards stabilising these cash flow cycles through early financing of these delayed receivables.
The company has partnered with hospitals, specialised HSPs across nephrology, oncology, and diagnostics, insurers, and pharmaceutical and consumable supply chain partners.
“Banks and non-banking financial companies (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, Antler India, a venture capital fund.
The company was founded in 2022 by Shrey Jain and Arpit Jangir.
First Published: Aug 12 2024 | 8:07 PM IST
