Summary:

  • Care.fi, a healthcare-focused fintech startup, has recently raised Rs 8 crore in debt capital

  • This round was led by Wint Wealth with 5cr.

  • Care.fi was co-founded in 2021 by Sidak Singh and Vikrant Agarwal, both of whom saw a clear opportunity in addressing the financial gaps within India’s healthcare ecosystem

Care.fi, a healthcare-focused fintech startup, has recently raised Rs 8 crore in debt capital. Of this amount, Rs 5 crore came from Wint Wealth, while Rs 3 crore was secured through impact debt capital from Caspian. This latest round of funding marks another significant step in the company’s growth trajectory, reinforcing its mission to streamline financial services within the healthcare sector.

This isn’t Care.fi’s first venture into debt financing. Just three months ago, the Gurugram-based startup raised $2 million (Rs 16 crore) from Trifecta Capital, along with an additional $0.6 million (Rs 5 crore) from UC Inclusive Credit. The accumulation of these funds reflects investor confidence in the company’s potential and strategy, especially in an industry as crucial as healthcare, where financial efficiency often translates to better patient outcomes.

According to a press release issued by Care.fi, the company plans to use these fresh funds to expand its presence in the market and further invest in innovations designed to optimize healthcare fintech. Specifically, the company will focus on improving the operational aspects of hospital management. This emphasis on operational efficiency could prove to be a game-changer, particularly for hospitals and medical institutions struggling with financial management, resource allocation, and supply chain bottlenecks. As hospitals face increasing pressure to meet growing patient demands, innovations that can streamline backend processes are essential for their survival and growth.

Care.fi was co-founded in 2021 by Sidak Singh and Vikrant Agarwal, both of whom saw a clear opportunity in addressing the financial gaps within India’s healthcare ecosystem. Recognizing the challenges hospitals, doctors, and allied healthcare suppliers face when securing financing, Care.fi set out to offer tailored solutions that would make funding more accessible and manageable. The fintech startup specializes in providing smart financial solutions designed to bridge these gaps, facilitating smoother business operations for healthcare professionals and institutions.

By offering innovative funding mechanisms, Care.fi empowers hospitals and healthcare providers to focus more on patient care, rather than being bogged down by financial constraints. Whether it’s working capital, equipment financing, or supply chain management, Care.fi’s platform is built to address various financial pain points that can hinder operational efficiency in healthcare settings. The company’s ultimate goal is to help healthcare professionals and institutions accelerate growth and improve service delivery by offering quick and reliable financial solutions.

Since its inception, Care.fi has made substantial progress. It is currently working with more than 50 hospitals and has helped over 2,000 patients, demonstrating the practical impact of its services on the ground. Furthermore, the company’s total disbursals grew fourfold, with cumulative disbursals of $48 million (Rs 400 crore) last year. This remarkable growth underscores Care.fi’s ability to scale its operations and meet the ever-increasing demand for financial solutions in healthcare.
A significant milestone for the startup was obtaining a Non-Banking Financial Company (NBFC) license within just two years of operation. This license allows Care.fi to lend directly to healthcare providers, giving it greater flexibility in designing and offering financial products tailored to the unique needs of its clients. Securing an NBFC license is no small feat, and it speaks volumes about the company’s long-term vision and commitment to expanding its services in a highly regulated market.
In a sector where operational efficiency can directly impact patient outcomes, Care.fi’s solutions are poised to make a meaningful difference. While the company is a relatively new player, it is operating in a competitive landscape that includes other fintech companies like CarePay, SaveIn, and Bajaj Finserv Health. Each of these companies offers its own approach to solving financial issues in the healthcare industry, but Care.fi’s focus on operational optimization and its rapidly growing disbursal portfolio make it stand out.

As Care.fi continues to scale, the additional funds will likely be instrumental in helping it expand further across India, as well as in enhancing its product offerings. With an ever-growing network of hospitals and healthcare professionals relying on its services, the company is well-positioned to drive meaningful change in the way healthcare financing is managed in India. The recent Rs 8 crore debt capital raise is just one step in what appears to be a promising journey for the startup.