Care.fi raises $8 million in equity-debt funding round

Care.fi, a healthcare-focused fintech platform,  has raised $8 million in an equity and debt funding round.

July Ventures led $5 million in equity funding, with Peak XV Partners, Accion Venture Lab, and Sadev Ventures also participating. Trifecta and Vivriti provided $3 million in debt.

The company plans to use the funds to expand into new cities like Jaipur, Lucknow, and Chandigarh, build its AI-powered healthcare system, and grow internationally in the US and the Middle East.

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“The insurance penetration in India is increasing. So, we need to expand faster to cope with the demand. Currently, we operate in five cities, and we plan to expand it to around 12 to 15 cities in the coming months,” said Vikrant Agrawal, cofounder of Care.fi.

“A single hospital has to manage many insurance players and claims. The process is getting more complex with documents, capturing live photos, and more. This is where our platform comes into play. Our AI engine in the background will efficiently identify and collect the claim details,” said Sidak Singh, cofounder of the company.

“Getting discharged, with insurance, from a large Indian hospital can be tedious and lengthy. Care.fi’s instant discharge solution demonstrates how innovation and trust come together to create world-class customer experiences,” said Mohit Bhatnagar, managing director at Peak XV Partners.

About Care.fi

Founded in 2021 by Sidak Singh and Vikrant Agrawal, Care.fi has created a platform that helps hospitals manage documentation, coding, and insurance claims more efficiently using AI. Its NBFC arm also offers working capital solutions.

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The company currently has around 250 employees and plans to add 500–600 more after the funding.

According to Singh, its AI system can do the insurance claims work of 15–20 hospital staff and cut discharge time from 4.5 hours to just 20 minutes.

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