Bengaluru-based insurance-tech start-up Healspan has raised Rs 1.2 Crore in a recently concluded pre-seed funding round led by start-up community-builder and accelerator PedalStart.
This was the first institutional fundraising round for the company since its inception in 2022, the start-up has, through its strategic fundraising endeavors, raised total funding of Rs 1.7 crore till date.
The insurance tech facilitates cashless insurance claims, removing the various difficulties and challenges involved in the process for healthcare institutions such as hospitals.
The company will be utilising the newly acquired pre-seed capital to bolster its technology, talent acquisition, and overall business operations and growth. Furthermore, the funds raised through this round shall play an instrumental role in growing and scaling Healspan’s clientele, and in boosting their subscriptions and revenue, it added in a release.
Speaking about the latest fundraise, Sabarinath U and Abhi Sinha, co-founders of Healspan said, “The funds raised will enable us to make significant product and tech-related enhancements and upgrades, especially in terms of optimizing the front-end of our flagship software, and shall further enable us to onboard the right talent, including core team members so that we can focus on growing sustainably and profitably while increasing our clientele and impact.”
“Despite the sectoral boom, not too many players in our country are currently solving pain points on the B2B side. For instance, we noticed that when it comes to cashless insurance claims processing for hospitals, the software that Healspan has built is a first-of-its-kind, disruptive solution for India, which provides the startup an early-mover advantage in this niche segment. Also, we at PedalStart have been impressed by the founders’ vision and zeal to simplify healthcare operations by solving comprehensively for claims management. These factors collectively enabled us to decide to provide financial and other forms of backing to Healspan, and we look forward to extending our continued support to help them grow furthermore in the years to come,” commented Manas Pal and Mr. Aditya Darolia, co-founders of PedalStart.
The start-up has already established its major presence across multiple metros and tier 1 cities like Bengaluru, Chennai, Hyderabad, Delhi-NCR, Mumbai, and others; and they are looking to expand to at least more locations across India while serving at least 1000 hospitals by the end of 2025, the statement further added.
By using our tech-enabled platform, insurance payment turnaround time can be reduced by over 30 per cent, and long-overdue claims can be cleared in under 90 days, the company claimed.
