New Delhi-based BNPL Startup: SaveIN raises $4 Mn via Y Combinator, 10X Group, others
- ByStartupStory | April 20, 2022
SaveIN, the New Delhi-based buy now pay later (BNPL) fintech startup, has raised $4 Mn (INR 30 Cr) in seed funding from institutional investors including Y Combinator, 10X Group, Pioneer Fund, Leonis VC, Goodwater Capital, Nordstar, Rebel Fund, Soma Capital and SCM Advisors.
Other investors including Oliver Jung, Almagro GmbH, MyAsiaVC, Grant Park Ventures, Leblon Capital, Kube VC, Spenmo’s Mohandass Kalaichelvan and Vimal Kavuru among others also participated in the round.
In order to accelerate product development, strengthen in-house teams in engineering, product, data sciences, and sales, the fresh capital will be used. To grow its network of healthcare providers across India, the startup will further deploy money.
SaveIN, founded in 2020 by Anurag Varma, Gaurav Luthra and Jitin Bhasin, offers healthcare finance solutions to patients. To offer a 60 second, digital checkout finance option for patients at minimal or zero cost EMIs across its network of healthcare providers has been reported by it.
Presently, SaveIN is focusing on outpatient and elective healthcare procedures such as dental, hair care, fertility, eye care, veterinary, diagnostics, dermatology, wellness and alternative therapies among others.
To create India’s largest integrated private healthcare ecosystem, addressing challenges through technology first solutions has been aimed by SaveIN. To further make healthcare providers across India serve up to 50% more patients through affordable EMIs, has also been aimed by it.
More than 500 healthcare and wellness clinics across five Indian cities after the launch of Care Now, Pay Later product has been reported to have been onboarded by SaveIN.
Y Combinator invested an undisclosed sum in SaveIN as part of its Winter 22 batch, in January 2022.
Some of its competitors in the BPNL segment are ZestMoney, Simpl, Pocketly, Snapmint, and LazyPay.
Mumbai-based fintech startup Snapmint raised $9 Mn in Series A funding round in order to expand its network of merchants and launch a suite of innovative BNPL products, in March 2022. Prudent Investment’s Prashasta Seth led the round.
The round also saw participation from investors including Livspace’s Ramakant Sharma, 9 Unicorns, Anicut Capital, Negen Capital, and Northeastern University’s Usama Fayyad.
Bengaluru-based fintech startup Pocketly raised $3 Mn in a Pre-Series A funding round, in March this year. According to the lending platform, with $2 Mn in debt and $1 Mn in equity, the raised fund is a mix of debt and equity.
Dholakia Ventures led the funding round. Besides, angel investors Kunal Shah of CRED; Siddharth Somaiya, founder; Apurva Parekh, ED of Pidilite; and CEO of Organic Riot and Aaryaman Vir Shah, cofounder of Prophetic Ventures also participated in the round.
IppoPay raised $2.1 Mn in a seed round to strengthen its technology stack, expand into new geographies, and launch a BNPL service, in January 2022. Investors including Better Capital, Coinbase Ventures, Blume Founders Fund, and several high-profile angel investors also participated in the round.
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