Care.fi provides software to help hospitals in India process insurance claims faster, optimize billing and manage electronic health records. The Gurugram-based startup is seeking to ride the growth of India’s insurance market by helping healthcare businesses streamline their insurance claims and cashflow management.
“Care.fi is not just solving today’s liquidity pain, it’s aiming to build the infrastructure for a more resilient, tech-enabled healthcare ecosystem across emerging markets,” said Rahil Rangwala of Accion Ventures, which participated in Care.fi’s $8 million in a Series A round. The $5 million in equity was led by early-stage VC firm July Ventures and included Peak XV Partners and Sadev Ventures. The debt portion came from India-based alternative credit providers Trifecta Capital and Vivriti Asset Management.
Embedded finance
Last month, Care.fi acquired the billing and discharge-automation services provider Aldun, to provide faster patient discharging in over 300 hospitals and clinics.
Care.fi works with three non-banking financial companies, including Hindon Mercantile, to offer unsecured loans, working capital, and salary advances for medical practitioners and their suppliers in seven Indian states.
The fresh funding will help Care.fi develop its AI-enabled product stack and expand into the US and Middle East.
