Healthcare-focused fintech startup Care.fi raises Rs 6 crore in debt

Care.fi, a healthcare-focused fintech startup, has raised Rs 6 crore in debt funding from RevX to deepen its involvement in the Ayushman Bharat scheme. The Gurugram-based startup plans to deploy the capital to strengthen its platform's ability to support hospitals participating in the rapidly expanding national health scheme.

The funding comes as the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) broadens its reach. As of June 2024, the programme covers over 550 million beneficiaries and counts more than 29,000 empanelled hospitals, making it the world's largest health assurance initiative.

What does Care.fi do?

Founded in 2021 by Sidak Singh and Vikrant Agrawal, Care.fi offers tech-enabled financial solutions to healthcare providers, including hospitals, doctors, and allied suppliers. The startup claims to have disbursed over Rs 800 crore to more than 100 healthcare institutions and has secured a Non-Banking Financial Company (NBFC) licence within just two years of operations.

Leadership comments

“Our focus has always been to ease the burden of operational and financial processes for healthcare providers," said Sidak Singh, Co-founder of Care.fi. "With the Ayushman Bharat scheme becoming more centralised and 60% of hospital revenue now coming from insurance schemes, our solutions can seamlessly plug into this evolving framework and help hospitals manage claims and cash flows more effectively.”

Vikrant Agrawal, Co-founder of Care.fi, added, “This infusion from RevX will not only allow us to scale our operations but also enable better support for hospitals onboarded under the Ayushman Bharat initiative. We see this as a powerful step toward building a resilient and inclusive healthcare financing ecosystem in India.”