Insurtech startup Healspan secures pre-seed funding with PedalStart leading
- ByStartupStory | January 20, 2024
Bengaluru-based insurtech startup Healspan has successfully raised Rs 1.2 crore in its pre-seed funding round, led by PedalStart. With this latest infusion, Healspan’s cumulative funding has now reached Rs 1.7 crore. The company plans to utilize the funds to enhance its technology infrastructure, acquire talent, and support overall business operations and expansion.
Founded in 2022 by Sabrinath U and Abhi Sinha, Healspan specializes in providing a streamlined, cashless insurance claims process, aiming to simplify the often complex procedures for healthcare institutions. According to Healspan, their solution can reduce the insurance payment turnaround time by 30%, ensuring that long-pending claims are settled within 90 days.
Highlighting its growth trajectory, Healspan claims to have achieved a remarkable 4X increase in revenue. The company has been actively working on diversifying its revenue streams and attracting paid subscribers to its platform.
Currently, Healspan operates in multiple metros and tier-I cities, including Bengaluru, Chennai, Hyderabad, Delhi-NCR, and Mumbai. Looking ahead, the startup has ambitious expansion plans, targeting more locations across India and aiming to serve at least 1,000 hospitals by the end of 2025.
In the words of Healspan, “The funding will enable us to scale our operations and bring our services to more healthcare institutions across the country.” The company emphasizes the positive impact of its technology in streamlining insurance processes for both providers and patients.
Commenting on the investment, PedalStart’s co-founder expressed their expectations for the current fiscal year. “We expect to onboard 2,000 founders to our community during this fiscal year and plan to invest in close to 20 to 30 startups at least, and accelerate close to 40 startups.”
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