Healthcare FinTech Startup LetsMD Raised $1 Million Pre-Series A Funding Led By SRI Capital
Healthcare FinTech Startup, LetsMD, Pre Series A Funding, SRI Capital, Waterbridge Ventures, Thinkuvate, Venture Capitalist, IBEF
Healthcare & FinTech startup, LetsMD, has raised $1 million in Pre-Series A funding led by SRI Capital. Existing Investors Waterbridge Ventures and Thinkuvate also participated in the round.
The raised capital by the startup would be used to scale up its pan-India operations.
On this, Nivesh Khandelwal, CEO of LetsMD said, “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”.
On the latest investment, Sashi Reddi, of SRI Capital said, “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”.
“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 revolutionize 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 investor participated in this round.
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 to facilitates the needy.
Further, as per IBEF, Healthcare has become one of India’s largest sectors both in terms of revenue & employment. The total industry size is expected to touch $280 Bn by 2020.
Refer our other Health care startups articles on Newskart.