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ClaimBuddy bags new investment from Bharat Innovation Fund

EntrackrEntrackr · 1y ago
ClaimBuddy bags new investment from Bharat Innovation Fund
Medial

Health insurance startup ClaimBuddy has raised Rs 24.8 crore ($3 million) from Bharat Innovation Fund. This is the second notable investment for the Gurgaon-based company since its incorporation. The board at ClaimBuddy has passed a special resolution to allot 10 equity and 2,980 compulsory cumulative preference shares at an issue price of Rs 83,284 each to raise Rs 24.8 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. ClaimBuddy streamlines the health insurance claim process for both patients and hospitals by utilizing technology and efficient operations to guarantee smooth and hassle-free claims. According to its website, the company has managed over 500 crore claims, partnered with 250 plus hospitals, helped more than 35,000 patients, and currently operates in 6 cities. As per startup data intelligence platform TheKredible, the company has been valued at $22 million (post-allotment). ClaimBuddy has been backed by Chiratae Ventures, Redbright Partners, Lets Ventures, and individuals like Rohit Bansal and Kunal Bhal. The company raised around Rs 50 crore to date including a $3 million round in February 2022. Before the fresh proceeds, Chiratae Ventures was the largest external stakeholder with 9.77% followed by Rebright Partners and LetsVenture. Its co-founders Ajit Patel and Khet Singh owned 55.62% of the company. When it comes to scale, the four-year-old company recorded 1.8X growth in revenue to Rs 6.14 crore in FY23 from Rs 3.36 crore in FY22. It posted Rs 71 lakhs in the fiscal year ending March 2023.

ClaimBuddy, four others secure early-stage funding

VCCircleVCCircle · 1y ago
ClaimBuddy, four others secure early-stage funding
Medial

Health insurance platform ClaimBuddy has raised $5 million in a Series A funding round. The investment will be used to improve technology, expand the team and sales network, and add new product lines. ClaimBuddy has processed claims for over 35,000 patients and has collaborations with 250 partner hospitals across India. Non-banking financial company FincFriends has closed a funding round at $5 million, which will be used to expand product offerings and scale operations. Revenue operations startup Clientell raised $2.5 million in seed funding, while background verification platform TraqCheck secured funding from Caret Capital. Mobility startup Advance Mobility also secured an undisclosed amount of funding.

Oncare bags $1 Mn in seed round led by Huddle Ventures

EntrackrEntrackr · 9m ago
Oncare bags $1 Mn in seed round led by Huddle Ventures
Medial

Oncare, a cancer care startup, has raised $1 million in its seed round led by Huddle Ventures. The round also saw participation from marquee institutional VCs such as TRTL Ventures, Cloud Capital, and DeVC. The proceeds will be used to expand its operations to 10 new centres across Delhi NCR, Bangalore, and Jaipur over the next two years. The funds will also be channelled towards team expansion and marketing efforts to raise awareness about the brand’s affordable cancer care solutions. Founded in 2023 by Deepak Kumar and Amar Sneh, Oncare is partnering with 50-100 bedded hospitals to create dedicated oncology wings. Through these partnerships, Oncare is reducing treatment costs by up to 40%. The brand claims to offer an affordable yet high-quality alternative to the expensive cancer treatment—often exceeding Rs 10 lakh in corporate hospitals. It also offers on-call nursing support to help patients manage side effects and anxiety associated with cancer therapies, without having to make unnecessary hospital visits. The startup is operational in South Delhi for the past 10 months and it has provided over 2,500 patients with guidance on treatment plans and claims to have completed over 500 treatment sessions. According to the annual Health of Nation report by Apollo Hospitals, the cancer burden in India is staggering, with yearly cases expected to rise from 1.39 million in 2020 to 1.57 million by 2025. However, high treatment costs, limited availability of oncology centres, and a shortage of specialised professionals are making cancer care inaccessible to millions.

Healthcare focused fintech startup Care.fi raises $2.6 Mn

EntrackrEntrackr · 1y ago
Healthcare focused fintech startup Care.fi raises $2.6 Mn
Medial

Healthcare focused fintech startup Care.fi has raised $2 million (Rs 16 crore) in debt capital from Trifecta Capital as well as an additional $0.6 million (Rs 5 crore) from UC Inclusive Credit. The proceeds will be allocated towards scaling its book size, expansion, enhancing the business, and strengthening the team size, Care.fi said in a press release. Co-founded in 2021 by Sidak Singh and Vikrant Agarwal, Care.fi is a fintech company offering smart financing solutions to hospitals, doctors, and allied suppliers. It bridges the gaps in funding within the healthcare industry. The company addresses the financial needs of healthcare professionals and institutions, facilitating smoother operations and accelerated growth. The Gurugram-based company claims to work with more than 50 hospitals and helped over 2,000 patients. It also claims that its total disbursals increased by 4x, with cumulative disbursals of $48 million (Rs 400 crore). Care.fi has also received an NBFC licence within two years of operation. Other major players in this space are CarePay, SaveIn, and Bajaj Finserv Health.

Even Healthcare scoops up $30 Mn in Series A led by Khosla Venture

EntrackrEntrackr · 8m ago
Even Healthcare scoops up $30 Mn in Series A led by Khosla Venture
Medial

Managed care provider Even Healthcare has raised $30 million in a Series A funding round led by Khosla Ventures, with participation from Founders Fund, 8VC, and Lachy Groom, among others. This round brings the company’s total funding to $50 million. The new capital will be used to launch hospital operations and scale patient care and resource processes, Even said in a press release. Entrackr had exclusively reported on this round in August. Previously, Even Healthcare raised $15 million from Alpha Wave and Aspada in November 2022, following an initial $5 million in seed capital led by Khosla Ventures in 2021. Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare offers its members free consultations, diagnostic tests, and cashless hospitalization through its in-house clinical team, and insurance partners. According to the company, it only partners with hospitals that guarantee the care of its members in exchange for a recurring payment. The platform also offers personalized managed care programs and provides Even cards, which can be used to pay bills at its partner hospitals and labs. Even claims to have an advantage over medical insurance by offering unlimited OPD consultations and diagnostics. With a workforce of 300 employees, Even Healthcare claims to have grown its membership base to hundreds of thousands, generating $28 million (more than Rs 230 crore) in revenue 18 months after its commercial launch. Going forward, Even Healthcare plans to open three secondary-care-focused hospitals in Bengaluru. The move aims to reduce hospitalization risks via early risk profiling and managed care. While the healthcare market in India was valued at $372 billion in 2022, growing at a CAGR of 22%, private insurance still covers only a small portion of the population.

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