LetsMD, the New Delhi-based healthcare fintech start-up, has successfully raised $ 1 million in Pre-Series A funding from a slew of investors led by SRI Capital to scale up its pan-India operations. Exisiting Investor Waterbridge Ventures along with Thinkuvate, also participated in the just closed round.
"With private insurance penetration pegged at less than 10% and healthcare inflation growing at more than 15%, financing Out of Pocket (OoP) expenses will be healthcare's most important challenge in the next decade. LetsMD aims to create a viable option for financing OoP expenses through its low interest patient financing and health savings account options", said Mr. Nivesh Khandelwal, CEO, LetsMD.
“We are delighted to back a seasoned entrepreneur like Nivesh as he builds a leadership position in the medical lending space. Moving people from informal and often predatory lending to low, or even zero, interest options is exactly what Indian consumers need”, said Sashi Reddi, of SRI Capital, which led the latest round of fund raising.
"We are excited about the team and the space that LetsMD is operating in, patient and medical financing is a massive opportunity and the avenues that tech and data bring can revolutionise the ecosystem, we look forward to working with the team on the next stage of this journey." said Ravi Kaushik, Partner at Waterbridge Ventures, the existing investors in the company who participated in this round.
LetsMD enables financial access to tertiary level care for 50% of India that can't access the same due to immediate liquidity concerns. They leverage technology to originate loans fast and cater to a wide segment of borrowers who were traditionally borrowed from the informal sector at exorbitant interest rates. LetsMD has tied-up with more than 200 reputed hospitals and super specialty chains like Fortis Healthcare, Max Healthcare in the Delhi-NCR region so far.