Care.fi, a healthcare-focused fintech startup, has successfully raised ₹6 crore in debt funding from RevX. The company plans to utilize the capital to enhance its operations in alignment with the Ayushman Bharat scheme, which as of June 2024, covers over 550 million beneficiaries and includes more than 29,000 empanelled hospitals across India.
Strengthening Ayushman Bharat’s Impact on Healthcare Finance
The proceeds from this funding will specifically be directed towards strengthening Care.fi’s involvement in the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), an initiative aimed at improving healthcare access for underprivileged populations. The scheme has witnessed substantial growth, with the government’s healthcare spending now amounting to 1.84% of GDP, supporting various public health initiatives, including AB-PMJAY.
Care.fi is at the forefront of revolutionizing healthcare financing by providing tech-enabled financial solutions to healthcare providers, helping them manage cash flows more efficiently and settle claims faster.
Care.fi: Pioneering Healthcare Financial Solutions
Founded by Sidak Singh and Vikrant Agrawal, Care.fi has rapidly gained traction in India’s healthcare finance sector. Since its inception, the startup has disbursed over ₹800 crore to more than 100 hospitals, while also securing an NBFC license within just two years of its operations. This rapid growth showcases Care.fi’s commitment to enhancing financial systems for healthcare providers, especially in the public healthcare space.
Plans for the Future
As Ayushman Bharat continues to grow and centralize, Care.fi intends to leverage its backend operations expertise to:
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Support faster claim settlements
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Improve hospital cash flow management
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Streamline operations for greater efficiency
With healthcare spending increasing in India, Care.fi is strategically positioned to play a crucial role in facilitating smoother and more effective financial operations within the healthcare sector.