The Weekend Leader – Fintech startup SaveIN raises new funding, takes total seed round to $8 million
SaveIN Founder and CEO, Jitin Bhasin
Gurugram-based Healthcare-Fintech startup SaveIN has raised more capital due to the rapid growth that the company has shown in the first year after its launch.
The Y-Combinator backed startup has now raised a total of $8Mn in the last 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 initial launch phase, 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 border of healthcare and finance, says SaveIN founder and CEO, Jitin Bhasin.
“We will continue to invest in people, products and distribution, to realize our vision of facilitating high-quality hyperlocal healthcare with improved affordability for everyone. Being healthy is priceless and SaveIN is committed to facilitating healthcare for Indians using the best in technology and relentless execution.”
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 therefore presents unprecedented opportunities during the next decade.
“While the problem SaveIN solves has universal appeal, we’ve been closely watching their execution in the Indian market and couldn’t be more excited to double our investment. They’ve run an extremely efficient business while scaling up rapidly since 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 private health insurance penetration continues to be abysmally low and out-of-pocket spending puts a heavy strain on individual savings, health has been touted as the next frontier for on-demand credit, and SaveIN is positioning itself to address these issues in private healthcare. – TWL agency
