HealthFin Bags Funding from Government of Maharashtra

Pune-based NASSCOM incubated startup receives funds worth 10 lakh as part of the Mumbai Fintech Accelerator program

Mumbai: HealthFin an emerging startup in the financial technology (Fintech) sector got a major boost as it received funds from Govt. Of Maharashtra as part of the state’s governments Mumbai Fintech Accelerator program. The Mumbai Fintech Hub is an initiative of the Government of Maharashtra has been established in the Mumbai Metropolitan Region as a focal point for Fintech activity within the State of Maharashtra. Honorable Chief Minister of Maharashtra Shri. Devendra Fadanvis was chief guest for the occasion. Honorable Chief Minister Devendra Fadanvis shared his thoughts on the Fintech industry and connected to various startups, industry experts, leaders and technocrats.  Mr. Parvaiz Hussain, Chief Executive Officer, HealthFin received a cheque of Rs. 10 lakh at the hands of received at the hands of Honorable Mr. Othmar Hardegger, Consul General, Switzerland, Mr. S V R Srinivas, Principal Secretary, Directorate of Information Technology, Government of Maharashtra & Prof. Suhas Pednekar, Honorable Vice Chancellor, Mumbai University at a function held in Mumbai which also saw presence of Shri. Nitin Gadkari, Union Minister for Road Transport & Highways, Shipping, Water Resources, River Development & Ganga Rejuvenation, Shri. Suresh Prabhu, Minister for Commerce & Industry along with Bollywood Superstar Shahrukh Khan and Cricket Legend Sachin Tendulkar.  

The main aim of the program is to promote innovative startups in the state by means of encouraging, engaging and enabling the entrepreneurial ecosystem. Startups from sectors such as education, healthcare, agriculture, clean energy, environment, water management, smart infrastructure, mobility, governance, financial inclusion and cyber were invited to submit their applications for the program. The startups presented their solutions to an esteemed panel of judges comprising representatives from state government, industry and academia and the top three from each of the 24 sectors. Each start up received funding of up to Rs. 15 lakh for their solutions and demonstrate proof of concept. Further, they will be provided state support and mentoring from its institutional partners, to deploy solutions on the ground for a period of one year. A dedicated pitching session will also hosted for startups looking to expand their operations in overseas markets for which 5-10 promising ventures was also financial support up to Rs.15 lakh for their market development programs abroad.

Speaking about the development, Mr. Parvaiz Hussain, Chief Executive Officer, HealthFin, said, “I am extremely overwhelmed to be here today. The achievement is dedicated to the entire HealthFin family. I am thankful to Govt. Of Maharashtra for supporting an emerging start-ups like us and we feel extremely motivated by this gesture. Our endeavour is to further strive harder and introduce convenient schemes and services for all segments of the society and provide them financial aid in case of any medical emergency. It is indeed very encouraging to see the Maharashtra government does not see its capital Mumbai as the only key start-up hub but is it is also keen to promote other locations such as Pune, Nashik, Aurangabad and Nagpur, with each city having its own area of expertise.”

The funding and recognisation, once again reiterates HealthFin’s business model and unique offerings in the fast growing Fintech industry. HealthFin today has emerged as the most effective facilitators of medical loan which provides a 360 engagement with the patient. Not only they help the patient to find an apt solution to the medical problems, but also seek a solution to fund medical procedure in the most hassle free manner, providing him with the best experience. There are various loan schemes available with them to cater the society. We are available at the hospital and we make sure the funds reach to the patient on time. As part of our services we ensue that the needy people get financial aid by providing them quick loans, generally through soft loan approval which would be given anytime between 15 mins to 12 hours depending on the profiling and CIBIL score of the potential barrower. Using technology as an enabler HealthFin today is creating a new ecosystem wherein the customer is empowered to make the best choices as per his needs. The emerging start-up strives for excellence and makes it a point that in the process it gets the best value for the customer. HealthFin’s lending platform gives customer its healthcare provider the ability to access finance companies at the point of services from any desktop or mobile device.

For the record Maharashtra is home to 1019 startups and boasts of a robust start up ecosystem that is well-connected with investors, mentors, VCs and other ecosystem enablers. Over the past few years, Fintech industry (Finance+ Technology) has been embedded in the financial services ecosystem to such an extent that the term has now made its way into our daily lives. While the general perception of ‘Fintech’ is ‘products and companies that employ newly developed digital and online technologies in the banking and financial services industries’ but today Fintech industry has evolved to perform a much more strategic and focused role. The wider objective of Fintech is to serve the unmet financial needs of those segments of the population which are not the core target segments of traditional financial services models. Thus, Fintech mainly focuses with a core objective to contribute to the larger goal of financial inclusion for one and all. In India, as per the study and research by various industry bodies and agencies, only 10% of people are medically insured. Fintech Not only digitizes money but monetizes it.  Fintech sector can aid the positive transition that will occur in our national economy. The competitive policy and micro economic reform will be triggered by innovations in India.