Fintech startup SaveIN raises money, takes total seed round to $8 million
Gurugram-based Healthcare-Fintech startup SaveIN has raised more capital based on the rapid growth the company has shown in the first year after its launch.
The Y-Combinator-backed startup has now raised a total of $8 million in the past nine months, making it one of the larger early-stage rounds among Indian startups in the year 2022. The current round is led by Silicon Valley-based Pioneer Fund which is one of the earliest investors in the company. The company counts Y-Combinator, 10X Founders, Bayhouse Capital and Leonis Fund among its other key institutional investors.
SaveIN is building an integrated healthcare ecosystem where it connects customers with quality healthcare providers in its network and offers cash financing to them, in the form of instant zero cost EMIs thereby improving accessibility and affordability in private healthcare.
The company launched its Care now, Pay later offering in January 2022 and has since grown rapidly to build a network of over 2,500 health and wellness centers across 50 cities in India where thousands of customers have availed quality care at enhanced affordability with zero- cost EMIs . In its first phase of launch, SaveIN covered outpatient healthcare services such as dental, dermatology, eye, veterinary, hair care, gym membership, preventive wellness and alternative therapies among others.
“We are truly humbled by the unwavering support we continue to receive from both investors and partners. This round of funding from existing investors, especially at this current stage, is an outstanding endorsement of our unique approach to building a truly transformative and needs-based business on the edge of healthcare and finance. We will continue to invest in people, products and distribution to realize our vision of facilitating high-quality hyperlocal healthcare with improved affordability for all. Being healthy is priceless and SaveIN is committed to to simplify healthcare for Indians using the best in technology and relentless execution,” says SaveIN Founder and CEO, Jitin Bhasin.
Speaking about the fundraising, Tiffany Kuo, Senior Venture Partner, Pioneer Fund added, “We have been an early supporter of SaveIN and a big believer that making healthcare more affordable is a huge unmet need and thus presents unprecedented opportunities in the of the next decade. Although the problem SaveIN solves has universal appeal, we have closely watched their execution in the Indian market and could not be more excited to double our investment. They have run an extremely efficient business while scaling up rapidly since its launch earlier this year. We are confident that the SaveIN team is best positioned to address this huge market in India and beyond over the next few years.”
In a country like India, where the penetration of private health insurance continues to be abysmally low and eligible expenses place a heavy burden on individual savings, health is being touted as the next frontier for on-demand credit, and SaveIN is positioning itself. is uniquely positioned to address these issues in private healthcare.
