DigiSparsh, a Mumbai-based fintech startup focused on healthcare lending, has secured a seed round from Silicon Valley-based investor GoAhead Ventures.
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.
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.”
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 microservices and blockchain to easily onboard borrowers at the front end and lending partners at the back end.”
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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 $135 billion healthcare market in India through highly innovative products which DigiSparsh offers for the entire value chain of the healthcare ecosystem.”
The Healthcare industry size is estimated to reach US$ 193.83 billion by 2020 and US$ 372 billion by 2022 driven by rising income, better health awareness, lifestyle diseases and increasing access to insurance, according to India Brand Equity Foundation (IBEF).