CarePal

Invested April 2020

Profile

CarePal Group is a one-stop-solution for healthcare (patient) financing in India housing three brands – ImpactGuru.com, CarePal Secure and CarePal Money. It is the world’s first healthcare patient financing business model combining the power of profitable crowdfunding distribution via digital and physical presence in hospitals with lending (CarePal Money) and health benefits and insurance broking (CarePal Secure).

  • ImpactGuru.com(Healthcare Crowdfunding) – The category leader and pioneer of healthcare crowdfunding in India, incubated at the Harvard Innovation Lab. Since its inception, ImpactGuru.com has raised close to USD 200mm+ from 4.5mm+ donors, supporting more than 55,000 patients
  • CarePal Secure (Health Insurance and Benefits Distribution) – A health insurance and benefits platform offering essential protection for patients and donors. CarePal Secure has scaled rapidly, selling over 150,000 health benefit packages and/or health insurance policies.
  • CarePal Money (Healthcare Lending Marketplace) – A patient-focused lending platform delivering vital financing to those in need of immediate medical treatment at 0% effective interest with the hospitals funding the interest to make treatments more affordable for their customers.

CarePal Group’s integrated financing model is built to serve over 900mm people in India’s middle class, targeting a dominant position in the USD 120bn+ patient financing sector over the next decade. Combining the strength of crowdfunding with healthcare lending and insurance distribution, the CarePal Group model ensures comprehensive financial support for patients through its digital platforms and physical presence in hospitals.

Website www.carepalgroup.com/

Headquarters

Mumbai, India

Region

Asia

Sector

Healthcare

Sub-sector

Financing

Fund

Apis Insurtech Fund

Impact

~$200mm

Raised for Patients via Crowdfunding

4.5 Million+

Donors

55,000

Patients helped

Sustainable development goals

Where did the idea for CarePal Group come from?

CarePal Group started with Impact Guru, which is a category-builder and Market Leader for healthcare crowdfunding in India. Impact Guru was incubated at the Harvard Innovation Lab. The founder came across crowdfunding as a way to raise capital for companies, while studying new ways of financing. A similar concept was ideated for raising funds for patients to finance their medical bills.

Where do you see the company in 5 years?

India has a very high out-of-pocket expense (>60%) for healthcare amounting to $75bn+ per annum and increasing significantly, due to which every year close to 50 million people are pushed into poverty. More than 900 million middle-class population is either uninsured or underinsured. CarePal Group wants to help 1mm patients by financing their medical bills with an integrated approach combining crowdfunding, insurance, and lending in the next decade

“Apis has deep industry expertise and is a thought-leader in Fintech/ Insurtech space. They led our Series B funding round and helped us shape our insurance vision. We learn and collaborate with Apis’ top portfolio companies in India, China and across the globe. They give practical advice on how to scale the company profitably. Apis gives entrepreneurial freedom for innovation, and at the same time maintains world-class governance via board-level engagement and discipline in execution.”

— Piyush Jain, Co-founder and CEO, CarePal