Fintech startup SaveIN brings the total seed funding to $8 million

• ByStartupStory     |    December 26, 2022

SaveIN, a Healthcare-Fintech firm based in Gurugram, has raised additional money as a result of the company’s quick growth in its first year of operation. 

The Y-Combinator-backed business has now collected a total of $8 million in the last nine months, making it one of the largest early-stage rounds among Indian entrepreneurs in 2022. 

The current round is led by Silicon Valley-based Pioneer Fund, which was one of the company’s first investors. Y-Combinator, 10X Founders, Bayhouse Capital, and Leonis Fund are among the company’s other important institutional investors.

By linking customers to reputable healthcare providers in its network and providing checkout finance in the form of immediate, zero-cost EMIs, SaveIN is creating an integrated healthcare ecosystem that will increase access to and affordability of private healthcare. 

Since launching its Care now, Pay later service in January 2022, the company has expanded quickly to establish a network of over 2500 healthcare and wellness centres across 50 Indian cities, enabling thousands of customers to access high-quality care at a reduced cost thanks to zero-cost EMIs.

SaveIN initially offered coverage for outpatient medical services like dental, dermatology, eye, veterinary, and hair care as well as gym memberships, preventive wellness, and alternative therapies. 

“The unwavering support we continue to get from partners and investors alike makes us feel incredibly humble. SaveIN Founder and CEO, Jitin Bhasin, describes this funding round from current investors as a “standout endorsement of our unique approach towards building a truly transformational business and need-based business at the intersection of healthcare and finance.”

To achieve our vision of enabling hyper-local, high-quality healthcare with increased accessibility for everyone, we will continue to invest in People, Product, and Distribution. Being healthy is priceless, and SaveIN is dedicated to making healthcare for Indians simpler using cutting-edge technology and unrelenting effort, he added.

Speaking about the fundraising, Tiffany Kuo, Senior Venture Partner at Pioneer Fund, added, “We have been a strong supporter 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.

Although the issue that SaveIN is addressing has a universal appeal, we have closely watched how they have approached the Indian market and are extremely eager to increase our investment. Since their early-year launch, they have managed to run an incredibly efficient business while also rapidly expanding. In the upcoming years, we are confident that team SaveIN will be in the best position to address this sizable market in India and elsewhere. 

Health is frequently hailed as the next frontier for on-demand credit, and SaveIN is positioning itself to address these issues in private health care in a country like India where private health insurance penetration continues to be pitifully low and out-of-pocket expenses place a significant strain on individual savings. – TWL Bureau

 

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