DigiSparsh raises seed round from GoAhead Ventures
In a recent seed round of fundraising, a Mumbai-based fintech focused on healthcare lending called DigiSparsh has secured funds from a 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.
DigiSparsh, co-founded by Akhilesh Gandhi and Saurabh Soni offers lending solutions including insurance receivable financing, supplier financing, and patient financing to the entire value chain of the healthcare ecosystem.
Their unique feature of healthcare lending lies in their tie-ups with healthcare aggregators to source the end customers. DigiSparsh claims that they have already onboarded 14 hospitals, tied up with seven aggregators, and have 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 microservices and blockchain to easily onboard borrowers at the front end and lending partners at the back end.”
While Akhilesh has worked with companies like Tech Mahindra, Sandisk, and Federal Bank of San Francisco; Saurabh has, before embarking on his entrepreneurial journey, worked with groups like GE, Tata Teleservices, Idea Cellular and was also the CEO of Essel Finance Digital Business.
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.”
With over $100 million in AUM, a venture capital firm founded by three Stanford alumni, by the name GoAhead Ventures focuses on early-stage technology companies around the globe. They are known to invest roughly half of its capital outside of the US into geographies including Singapore, India, Israel, and others.
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