Arogya Finance Profile
Dheeraj Batra - VP Business Development
Arogya Finance makes quality healthcare more accessible by lending to those who are unable to pay for their healthcare expenses.
insurance penetration in India is abysmally low. Latest statistics put the
number at approximately 15%. Of the remaining, only a minority is able to pay
out of pocket. The rest have to have to borrow money – often at exorbitant
rates exceeding 60% a year, sell their personal assets, or simply go without
care. This has contributed to a situation where healthcare expenses have become
the #1 reason why families fall below the poverty line – impacting 40 million
people a year.
at Arogya Finance believe that everyone in India should be able to afford
quality healthcare... and are trying to make that a reality. But instead of
trying the same approach that has thus far failed to make an impact, namely
selling insurance, Arogya Finance offers patients a loan at the time and place
enable maximum impact, Arogya Finance has developed a proprietary approach
which allows it to evaluate the credit worthiness of and lend to individuals
and families who are outside the formal system – those who lack things like
formal salary slips, collateral, a credit history, etc.
the last 2.5 years, Arogya has lent almost $700K to over 310 patients, and the
results have been phenomenal with a repayment rate of approximately 98%. We are
active in 9 states and are working with 50+ hospitals. But we feel we have just
started and want to make 100,000 loans in the next 5 years.
Investment Needed: We
are looking to raise Rs 2.5 crore ($500K at a Rs 50/$1 exchange rate and $370k
at the current exchange rate of Rs 68/$1.)