DigiSparsh, an Indian fintech focused on healthcare lending, today announced securing a seed round from Silicon Valley based investor GoAhead Ventures.
The startup was started during the pandemic in April 2020.
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. They have already tied up with 7 aggregators, onboarded 14 hospitals, have funded loans to patients, pharmacies and healthcare merchants in more than 50 locations across the country.
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).
Commenting on the seed round, Saurabh Soni, Co-founder & 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 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.”
Akhilesh Gandhi, Co-founder & CTO, DigiSprash, said, “We have built products that are tailor-made for the health care sector where hospitals, supplier or patients can use them to apply for lending products and these are easily integrable with hospitals’ core systems or with our aggregator's platform. This platform is built on micro services & blockchain to easily on-board borrowers at the front end and lending partners at the back end.”
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.
Commenting on the investment, Phil Brady Managing Partner, GoAhead Ventures, said “The founders of the company come with a strong pedigree and a proven track record of scaling businesses.”
GoAhead Ventures is a Silicon Valley based venture capital firm founded by three Stanford alumni with over $100M in AUM. It focuses on investments into early-stage technology companies around the globe, deploying roughly half of its capital outside of the US into geographies including India, Singapore, Israel and more.