Summary:

  • Care.fi collaborates with over 50 hospitals and has assisted more than 2,000 patients to date

  • This round was led Trifecta Capital, along with an additional $0.6 million (Rs 5 crore) from UC Inclusive Credit.

  • Care.fi was co-founded in 2021 by Sidak Singh and Vikrant Agarwal.

Healthcare-focused fintech startup Care.fi has recently secured $2 million (Rs 16 crore) in debt capital from Trifecta Capital, along with an additional $0.6 million (Rs 5 crore) from UC Inclusive Credit. This significant funding round marks a pivotal moment for the startup, which aims to use these funds to scale its operations, expand its reach, enhance its business model, and strengthen its team. The infusion of capital is expected to fuel the company’s growth trajectory and bolster its ability to provide innovative financial solutions within the healthcare sector.

Care.fi was co-founded in 2021 by Sidak Singh and Vikrant Agarwal. The company has rapidly established itself as a key player in the fintech landscape, particularly within the healthcare industry. Care.fi offers smart financing solutions tailored for hospitals, doctors, and allied suppliers. By addressing the financial challenges that healthcare professionals and institutions often face, Care.fi facilitates smoother operations and fosters accelerated growth within the sector.

Operating out of Gurugram, Care.fi has made substantial strides in a relatively short period. The company reports that it collaborates with over 50 hospitals and has assisted more than 2,000 patients to date. This impressive reach underscores Care.fi’s commitment to bridging funding gaps and supporting the financial needs of the healthcare industry. The startup’s impact is further highlighted by its claim of a fourfold increase in total disbursals, amounting to cumulative disbursals of $48 million (Rs 400 crore).

One of the notable achievements of Care.fi is obtaining a Non-Banking Financial Company (NBFC) license within just two years of its inception. This regulatory milestone enhances the company’s credibility and operational capacity, allowing it to extend its financial services more effectively. The NBFC license also positions Care.fi among other major players in the healthcare fintech space, such as CarePay, SaveIn, and Bajaj Finserv Health.

Care.fi’s business model is centered around addressing the unique financial needs of the healthcare sector. Traditional financing avenues often fall short in meeting the specific requirements of hospitals and healthcare providers, leading to operational inefficiencies and growth barriers. Care.fi steps in to fill this void, offering tailored financial products that support day-to-day operations, facilitate capital expenditures, and enable expansion initiatives. By providing timely and adequate funding, Care.fi empowers healthcare providers to focus on delivering quality care without the distraction of financial constraints.

The company’s approach to financing is designed to be both innovative and inclusive. Care.fi leverages technology to streamline the lending process, ensuring quick and hassle-free access to funds. This tech-driven approach not only enhances the customer experience but also reduces the administrative burden on healthcare providers. Moreover, by targeting a sector that is critical to public well-being, Care.fi’s financial solutions have a broader social impact, contributing to improved healthcare delivery and patient outcomes.

The recent funding round led by Trifecta Capital and UC Inclusive Credit is a testament to the confidence investors have in Care.fi’s vision and business model. With the additional capital, Care.fi plans to deepen its market penetration and expand its product offerings. This strategic expansion is expected to include geographic diversification, targeting new regions and markets where the demand for healthcare financing is significant.

In conclusion, Care.fi’s journey from its founding in 2021 to securing substantial funding and obtaining an NBFC license reflects its robust growth and the vital role it plays in the healthcare fintech space. By continuing to innovate and expand its services, Care.fi is well-positioned to make a lasting impact on the healthcare industry, ultimately contributing to better financial health for healthcare providers and improved care for patients. As the company scales new heights, it remains committed to its mission of bridging financial gaps in healthcare and supporting the sector’s growth and efficiency.