12 April 2018, India:
LetsMD has raised $1 million in pre-Series A round of funding. The funding round was led by SRI Capital. Existing investors Waterbridge Ventures and ThinKuvate also participated in the funding round.
The startup will use the fresh capital to scale up its operations across the country.
“With private insurance penetration pegged at less than 10% and healthcare inflation growing at more than 15%, financing Out of Pocket (OoP) expenses will be healthcare’s most important challenge in the next decade. LetsMD aims to create a viable option for financing OoP expenses through its low-interest patient financing and health savings account options,” said Nivesh Khandelwal, founder and CEO, LetsMD.
“We are delighted to back a seasoned entrepreneur like Nivesh as he builds a leadership position in the medical lending space. Moving people from informal and often predatory lending to low, or even zero, interest options is exactly what Indian consumers need,” said Sashi Reddi, SRI Capital.
LetsMD was founded by Nivesh Kahndelwal, Prakhar Gupta and Tenzin Thargay in 2015. It allows users to discover and compare the costs and offerings of various medical procedures offered by healthcare networks and hospitals. It allows users to convert their surgery bills into Equated Monthly Instalments (EMIs). The startup is operated by Medbay India Pvt. Ltd.
(Image – Letsmd)