HealthCRED is a B2B healthcare financing startup that recently received $1.2 Million in its seed round. The seed funding was provided by Antler India, TRTL VC, DeVC, iSeedVC, and Angel List India.
Comprehensive Financing Solutions
HealthCRED was founded in 2022 by Shrey Jain and Arpit Jangir and specialises in customized funding services for the healthcare industry. The platform engages hospitals, specialized HSPs, insurers, and the pharmaceutical and consumable supply chain. The objectives of HealthCRED are to improve customer satisfaction and penetrate further in the Southern and Western regions of India.
Growth Strategy of HealthCRED
HealthCRED associates with hospitals, other specialized healthcare service providers (HSPs), insurance service providers, and pharma and consumable product supply chain associates. HealthCRED expects to build a good rapport with these stakeholders and deliver targeted financing services. The startup intends to expand the reach of its business beyond Delhi to the South and the West of India. This expansion enables HealthCRED to cover new markets and provide services to various clients.
There is a massive recruitment of fresh talents due to the expanding growth of HealthCRED. Professionals in the organization will assist the company to progress by enhancing services and embracing innovation. Bearing this in mind, efficient B2B loan onboarding and loan management are critical to be addressed. Optimization of the processes improves the convenience of the transactions and raises the level of satisfaction of customers.
Specific challenges HealthCRED faces in its growth journey
The financing of healthcare facilities is a market where other players compete for market share. For HealthCRED to carve its niche it needs to identify how it is unique and provides added value. In the area of health care delivery, regulations can be quite intricate to deal with. Legal compliance is therefore important when it comes to the continuous growth of firms or companies. Building rapport with healthcare providers, insurers, and clients is critical. This includes such elements as transparency, reliability, and ethical practices.
Notable Angel Investors
In the seed round, some angel investors involved are Dr. Subho Ray (the President of IAMAI), Nitin Gupta (CEO of Uni Cards), Amit Lakhotia (CEO of ParkPlus), and founders of InsuranceDekho and SEA-based Docquity.
HealthCRED’s Business Model
HealthCRED adheres to the B2B (business to business) business model and focuses on offering financial solutions for the healthcare industry. HealthCRED collaborates with hospitals, other specialized healthcare service providers (HSPs), insurers, and pharma and consumable supply chain affiliates. They provide funding solutions to these stakeholders which ensures proper flow of business and quality services delivery from the health facilities.
The startup develops financing schemes according to the client requirements of the healthcare industry. Such solutions may involve working capital, equipment financing, and credit lines. Interest on loans extended to healthcare entities is the primary source of revenue for HealthCRED. They might also offer some fees for services concerning the management of the loans and on-boarding. On the operational side, HealthCRED plans to increase the number of users and obtain more revenues by expanding geographically and enhancing the relationship with its customers.
Conclusion
The seed funding received by HealthCRED offers great promise to change the landscape of financing healthcare in India. A problem that arises as HealthCRED goes to different locations is that it may become difficult to ensure consistent quality services. It is equally important to attract knowledgeable professionals and ensure their stay is long-term. The skilled workforce is at the heart of productivity and helps organizations foster innovation and sustain their growth.
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