[Funding alert] DigiSparsh raises seed round from GoAhead Ventures
With this funding, the Mumbai-based fintech focussed on healthcare lending plans to strengthen its team and also widen its reach - targeting tie up with 50 aggregators, on-board 100 hospitals by the end of this year, and 500 hospitals by the end of the next year.
DigiSparsh, a Mumbai-based fintech focused on healthcare lending, has secured a seed round from Silicon Valley-based investor GoAhead Ventures.
Saurabh Soni, Co-founder and CEO, DigiSparsh, said,
“With this funding, we plan to strengthen our team and also widen our reach - targeting to tie up with 50 aggregators, on-board 100 hospitals by the end of this year and 500 hospitals by the end of the next year.”
“We will be razor-focused in covering the length and breadth of the healthcare ecosystem which has a huge potential, and the current pandemic situation has further increased the size of the unmet demand for lending products which we need to cater to,” added Saurabh.
Co-founded by Saurabh Soni and Akhilesh Gandhi in May 2020, DigiSparsh offers lending solutions including insurance receivable financing, supplier financing and patient financing to the entire value chain of the healthcare ecosystem. The distribution strategy of tying up with healthcare aggregators to source the end customers makes them unique in healthcare lending. The startup claims to have already tied up with seven aggregators, onboarded 14 hospitals, and has funded loans to patients, pharmacies and healthcare merchants in more than 50 locations across the country.
Akhilesh Gandhi, Co-founder and CTO, DigiSprash, added,
“We have built products that are tailor-made for the health care sector where hospitals, suppliers or patients can use them to apply for lending products and these are easily integrable with hospitals’ core systems or with our aggregators' platform. This platform is built on micro services and blockchain to easily on-board borrowers at the front end and lending partners at the back end.”
Prior to embarking on their entrepreneurial journey, Saurabh has worked with groups like GE, Tata Teleservices, Idea Cellular and was also the CEO of Essel Finance Digital Business; while Akhilesh has worked with companies like Tech Mahindra, Sandisk and Federal Bank of San Francisco.
Phil Brady, Managing Partner, GoAhead Ventures, said,
“We are very excited to be a part of this journey and cater to the $135 billion healthcare market in India through highly innovative products which DigiSparsh offers for the entire value chain of the healthcare ecosystem.”
GoAhead Ventures is a venture capital firm founded by three Stanford alumni with over $100 million in AUM. It focuses on investments into early-stage technology companies around the globe, deploying roughly half of its capital outside of the US into geographies including India, Singapore, Israel and more.
Edited by Anju Narayanan