Gurugram-based Healthcare-Fintech startup SaveIN has raised more capital riding on the rapid growth that the company has demonstrated in the first year of its launch.
The Y-Combinator-backed startup has now raised a total of $ 8M over 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 to quality healthcare providers in its network and offers checkout finance to them, in the form of instant zero-cost EMIs thereby enhancing 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 2500 healthcare and wellness centers across 50 cities of India where thousands of customers have availed quality care with enhanced affordability of zero-cost EMIs. In its first phase of the launch, SaveIN covered out-patient healthcare practices like Dental, Dermatology, Eye, Veterinary, Hair Care, Gym memberships, Preventive wellness, and alternative therapies amongst others.
“We are truly humbled by the unwavering support we continue to receive from investors and partners alike. This funding round from existing investors, especially in the current phase, is a standout endorsement of our unique approach toward building a truly transformational business and need-based business at the cusp of healthcare and finance. We will continue to invest in People, Products, and distribution, to realize our vision of facilitating hyper-local, quality healthcare with enhanced affordability for one and all. Being healthy is priceless and SaveIN is committed to simplifying healthcare for Indians using the best of technology and relentless execution,” says SaveIN Founder and CEO, Jitin Bhasin.
Speaking on the fundraise, Tiffany Kuo, Senior Venture Partner, Pioneer Fund added, “We have been an early backer of SaveIN and a big believer that making healthcare more affordable is a great unmet need and thus offers unprecedented opportunities over the next decade. While the problem SaveIN is solving has a universal appeal, we have closely observed their execution in the Indian market and couldn’t be more excited to double down on our investment. They have run an extremely efficient business while scaling up rapidly since their launch earlier this year. We are confident that team SaveIN is best placed to address this vast market in India and beyond over the next years”
In a country like India, where penetration of private health insurance continues to be abysmally low and out-of-pocket expenditure puts a big strain on individual savings, health is widely touted to be the next frontier for on-demand credit and SaveIN is positioning itself uniquely to address these issues in private health care.
