Healspan, a Bengaluru-based insurance-tech startup has raised an undisclosed amount of seed funding led by Lead Angels, a financial services and angel investing network.
The round also witnessed participation from several other angel investors like Ankitt Jain (Founder, Paper Arizona); Chief Investment Officer of a Gulf Cooperation Council (GCC) based Investments firm, Srijith Nair (Founder, Gowelnext Solutions); and The Doctorpreneur Academy.
Before this, Healspan had closed a pre-seed funding round of ₹1.2 crore last year.
Healspan will be utilising the fresh capital raised through this seed round majorly towards bolstering its marketing sales, and growth.
Additionally, the funds will play an instrumental role in enabling Healspan to maintain its continued focus on engineering and tech, and aid them in bringing to the fore innovative tech-enabled solutions for solving various pain points and operational challenges faced by its core target audience, i.e. healthcare administrators across hospitals.
Speaking about the fundraise, Sabarinath U and Abhi Sinha, Co-founders of Healspan said, “The capital raised through this seed round comes just at the right time, when we’ve already started riding upon the fast-track growth curve, and are attempting to grow exponentially in the months and years to come. Besides fostering Healspan’s growth, a significant portion of these funds would be invested towards acquiring talent for building a robust sales team, introducing our new line of products and tech innovations, expanding our hospitals’ network, and capturing a greater market share. As Healspan continues to take significant strides in disrupting the health insurance market, we will be focusing on these strategic aspects shortly, in line with our mission and vision of streamlining health insurance claims and making healthcare administration effortless and simplified in the long run.”
Healspan includes embedded financing solutions to address hospitals’ working capital needs, claims to have significantly improved insurance payment turnaround time, enhancing both administrative efficiency and patient experience. The company plans to expand into Eastern India in the coming months.
Healspan claimed that it has tied up with and catered to more than 50 hospitals across 10-plus cities in India.
Healspan has witnessed an impressive 3x revenue growth in the last six months, and is now aiming to achieve 10x year-on-year (YOY) growth by the end of the current fiscal, i.e. FY 2024-25, while catering to at least 200 hospitals pan India.
To support its ambitious growth and expansion goals, the startup will attempt to secure at least one more round of funding by the end of next year.
