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Affordplan raises Series B funding of $10m by Lok Capital, Omidyar & others

Fintech startup Affordplan has reportedly raised Series B funding of $10 million in a round led by Lok Capital, Omidyar Network, with the participation of its existing investors including Kalaari Capital and Prime Venture Partners.

The Delhi-based startup which focuses on healthcare segment, was founded by former Taxiforsure executives Tejbir Singh and Hemal Bhatt, in 2016.  The startup helps hospitals provide customised savings plans to people for their future medical expenses, along with benefits like tests, discounts, incentives etc. According to this Economic Times report, the startup will use the fresh funding for expanding its offerings to include savings, lending, and insurance plans, to expand its distribution network by next year, and to hire about 200 employees by end of this year. The publication adds that Affordplan currently has a network of 300 hospitals in the country, and have a base of one lakh patients.

Previous fundings

The company has raised a total of $12 million in three rounds of funding, according to CrunchBase data. Affordplan raised seed funding $500K as part of Kalaari Capital’s accelerator program Kstart in May 2016, followed by Series A funding of Affordplan of $3 million from Prime Venture Partners and Kalaari Capital in November in the same year.

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