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AffordPlan raises $10mn led by Lok Capital

Press Trust of India  |  New Delhi 

AffordPlan, a focused fintech company, today said it has raised USD 10 million in funding led by

The series B funding round also saw participation from Omidyar Network, alongside existing investors and

"We will use the funds to strengthen our team, expand operations to 3-4 tier I cities and introduce newer products around saving, lending and insurance," told

has partnered more than 300 hospitals in the country and helped about 1 lakh patients. With its savings-led product, offers financial assistance for non-emergency medical and expensive procedures related to pregnancy, eye care, plastic surgeries, bariatric, among others.

"The current system of financing is mostly out-of-pocket payments. The penetration of is less and Indian households often rely on their savings to expenses. We are working towards reducing the burden of out-of-pocket expenses for patients and are making healthcare more accessible and affordable," he said.

He added that through its network of partnerships, AffordPlan helps bring down the overall treatment costs by as much as 15-20 per cent.

The Delhi-based company is expanding rapidly and is looking to hire more than 200 employees across by the end of 2018. It has about 125 people as of now.

Singh said the company also plans to expand to cities like Mumbai, and over the next few months to expand its operations.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 16 2018. 16:40 IST