Decoding CarePal Group’s crowdfunding route for comprehensive healthcare financing

Adgully has been turning the spotlight on the entrepreneurs who fought against all odds to bring their dreams to fruition in our special series – START-UP STARS. We at Adgully wholeheartedly support the ‘Vocal for Local’ movement and have been featuring numerous local/ homegrown businesses, brands, and Apps in the country launched in the last few years.

In conversation with Adgully, Khushboo Jain, Co-founder and COO, CarePal Group, shares the origins of CarePal, challenges in the current market environment, government initiatives, maintaining the competitive edge, and much more.

What was your vision behind founding CarePal Group and what problems did you set out to solve?

The vision behind founding CarePal Group is that nobody should die due to lack of funds or become financially ruined because of unaffordable healthcare. In India, where a significant number of people are being pushed into poverty due to medical costs, we saw an urgent need for a solution. We decided to establish CarePal Group, which combines medical crowdfunding, health insurance and benefits, and a lending marketplace to create a comprehensive healthcare financing ecosystem. This integrated approach ensures that, regardless of the disease or the amount of money needed – large or small – we can provide quality healthcare solutions. Driven by a desire to add value to the community, we have overcome numerous challenges through perseverance and innovation, aiming to save one million lives in the next decade.

Could you tell us about the challenges you faced in the initial days and how you overcame them?

In the initial days, we faced several challenges at CarePal Group. Recruiting top-tier talent, convincing investors, reaching patients and targetting donors were all significant hurdles. Our perseverance and commitment to innovation helped us navigate these challenges, allowing us to make a meaningful impact in healthcare financing.

What are the government initiatives that you have benefited from or your sector benefited overall?

Government initiatives, including a dedicated medical crowdfunding platform for rare diseases, played a crucial role in helping spread awareness about medical crowdfunding solutions. This initiative not only increased awareness and acceptance of medical crowdfunding, but also benefited many individuals, especially children with rare diseases who require additional financial support beyond government provisions. Through our #IndiaFightsSMA campaign, we raised $2.1 million each for three SMA patients.

Could you elaborate on India’s integrated healthcare financing ecosystem and its rapid rise?

India’s integrated healthcare financing ecosystem has rapidly evolved through initiatives like Ayushman Bharat, which offers health insurance coverage up to Rs 5 lakh per family annually and establishes Health and Wellness Centres. Public and private sectors collaborate to expand access and affordability, while digital health initiatives streamline services. Government schemes, private insurance, medical lending and technological advancements work together to enhance efficiency, reduce out-of-pocket expenses, and improve healthcare accessibility. This integrated approach aims to provide comprehensive, affordable, and quality healthcare to India’s diverse population, addressing disparities and fostering a healthier nation.

What sets CarePal Group and ImpactGuru.com apart from other healthcare financing platforms, and how do you maintain this competitive edge?

CarePal Group has pioneered a first in the world, integrated healthcare financing ecosystem, merging crowdfunding, lending, and insurance solutions. Unlike our competitors, who typically focus on just one of these areas – medical crowdfunding, insurance, or lending – we offer a comprehensive, holistic solution that encompasses all three.

How do you navigate the regulatory challenges in the healthcare financing sector, and what changes do you believe are necessary to foster innovation and growth?

Various regulators across industries consistently act in ways that benefit consumers and, ultimately, businesses. At CarePal Group, we respect and comply with these regulations and government initiatives. However, in the lending sector, there should be incentives for offering low-cost loans through innovative solutions. Additionally, the process for acquiring an NBFC license should be further streamlined. We believe that light-touch regulations enable businesses to comply more easily, allowing them to focus more on execution rather than on compliance.

With your extensive background in marketing, what innovative strategies have you implemented at ImpactGuru.com that have significantly contributed to its growth?

Medical crowdfunding is a vital solution for the middle and lower-middle classes. However, through targeted marketing initiatives, we have also rapidly raised funds for the poor sections of society. We continuously strive to enhance our platform to ensure that every beneficiary receives the best possible support.

What advice would you like to give young sector entrepreneurs?

Entrepreneurship is a long journey, requiring a mental commitment of 10-15 years to ensure a meaningful outcome. Building a world-class co-founding team from the beginning is essential for success. While failure and rejection are inevitable, persistence and grit are key to success. Gaining experience, preferably in the same industry or function, is highly recommended before embarking on an entrepreneurial venture so that it becomes easier for them to provide value for their customers.

Could you elaborate on your long-term vision for CarePal Group and ImpactGuru.com and how you plan to achieve it amidst the competitive fintech landscape in India?

CarePal Group and Impact Guru aim to positively impact 1 million patients by diversifying revenue streams and forming strategic partnerships. While competition is inevitable, our focus remains on offering differentiated value propositions through the use of newer technologies, incorporating artificial intelligence and machine learning. At the same time, we like to learn from our competitors and carve out our own path to deliver greater value to our customers.