HealthCRED, a B2B healthcare financing startup, has raised $1.2 million in seed funding led by Antler India, TRTL VC, DeVC, iSeedVC, and Angel List India. The funding round also saw contributions from angel investors such as Subho Ray, President of the Internet and Mobile Association of India (IAMAI), and Nitin Gupta, CEO of Uni Cards.

The new capital will be used to expand HealthCRED’s operations in southern and western India, hire new talent, and enhance its B2B loan onboarding and loan management systems (LMS). The Delhi-based company has achieved a post-money valuation of $13 million, according to Tracxn.

HealthCRED co-founder and CEO Shrey Jain highlighted the increasing stress on working capital management for hospitals and health service providers (HSPs) due to delays in insurance receivables, especially in the post-COVID era. The company aims to alleviate these cash flow issues by providing early financing against delayed insurance receivables.

The startup collaborates with hospitals, specialized HSPs in nephrology, oncology, and diagnostics, as well as insurers and pharmaceutical supply chain partners. Nitin Sharma, partner at Antler India, noted that while banks and non-banking financial companies (NBFCs) often overlook smaller hospitals, HealthCRED addresses this gap by offering working capital finance against cashless insurance receivables.

Founded in 2022 by Shrey Jain and Arpit Jangir, HealthCRED is poised to make a significant impact in the healthcare financing sector.