Comprehensive Report: Affordplan and Competitors
Company Overview
Affordplan
Website: [Affordplan Official Site](https://www.affordplan.com/)
Foundation Year: 2016
Headquarters: Gurgaon, Haryana, India
Corporate Structure: Usekiwi Infolabs Private Limited
Employee Size: 201-500
Annual Revenue: $13.5 million (Reported 2015)
Affordplan is a pioneering fintech company at the intersection of healthcare and finance, dedicated to making healthcare affordable through tailored financial planning and savings solutions. The primary focus is on enabling individuals to manage planned healthcare expenses.
Products and Services
Flagship Product: Affordplan Swasth
Affordplan's innovative product caters to both healthcare providers and seekers by offering a comprehensive set of tools for financial planning concerning medical services. Key features include:
- Savings options
- Online payments
- Custom payment plans for non-emergency healthcare services
Market Presence and Strategic Partnerships
Affordplan boasts partnerships with over 150 hospitals across 20 cities in India, actively serving a vast number of patient families. The company's strategic focus on expanding its footprint aims to improve access and affordability of healthcare services across the region.
Leadership and Management
- Aditya Sharma: Chief Executive Officer. Instrumental in a management buyout, bringing new equity investors, including Sanjiv Gupta (former CEO of Coca-Cola).
- Nishant Anand: Chief Technology Officer.
The leadership team is highly focused on fostering organizational growth and enhancing leadership skills within the company.
Financial Information
Funding Overview
- Total Funding: $13.6 million
- Series B round on May 15, 2018: Raised $8.6 million
- Key Investors: Lok Capital, Omidyar Network.
Awards and Recognition
Affordplan was celebrated as the Emerging Healthcare Company of the Year at the 3rd Edition Healthcare Innovation Conclave, underscoring its contributions to transforming healthcare access and affordability.
Employee Sentiment
Rating: 3.9 out of 5 on Glassdoor, indicating positive feedback regarding working conditions and the company’s mission.
Contact Information
Helpline: +91 92500 50501
Competitor Profiling
Key Competitors and Alternatives
Primary Competitors:
1. Aarogyapay
- Focus: Healthcare payment solutions via a prepaid card system for managing medical expenses with options like 0% EMI loans.
- Headquarters: Mumbai, India
- Employee Size: 51-200
2. Dvara Health Finance
- Specialization: Health-related financial solutions to improve financial and health outcomes with bundled affordable medicines and financial solutions.
- Target Areas: Diabetes and cardiovascular conditions
- Headquarters: Chennai, Tamil Nadu
- Corporate Structure: Dvara Health Finance Private Limited
3. Ocare
- Formerly active in providing prepaid card solutions for healthcare payments. Currently inactive but was founded by professionals from various fields including medicine and finance.
Secondary Competitors and Market Alternatives:
- Fittr: Offers personalized fitness and nutrition programs through AI-based platforms.
- Alyve Health: Provides comprehensive health plans, emphasizing preventive care and wellness.
Strategic Insights
Affordplan's strategic focus as a facilitator for non-emergency healthcare financing is augmented by potential product offer enhancements and expanded healthcare provider partnerships. Emulating strategies like those of Fittr and Alyve Health, Affordplan can explore personalized health plans and comprehensive wellness programs to diversify its offerings and capture a broader market share.
The competitive landscape in healthcare fintech is thriving with entities such as Aarogyapay and Dvara Health Finance innovating in financial solutions and payment systems, highlighting the need for continual innovation and development at Affordplan to maintain and extend its competitive advantage.
