SaveIn, a fintech startup, has raised $4 million (approximately Rs 30 crore) in a seed round led by Y-Combinator and others, including 10X Group, Leonis VC, and Goodwater Capital. The funding round was also attended by Nordstar, Rebel Fund, Pioneer Fund, Soma Capital, and SCM Advisors.
According to the company, the capital would be used to develop the company’s product, hire employees, and invest in branding.
SaveIn, founded in 2020 by Jitin Bhasin, Anurag Varma, and Gaurav Luthra, provides healthcare financing and credit alternatives to patients at zero-cost equated monthly installments (EMIs) throughout its network of healthcare services. Outpatient services and elective healthcare procedures such as dental, eye care, veterinary, dermatology, hair care, and fertility are all covered by the Gurugram-based startup.
They plan to improve and develop their product over the next 3-6 months…basically, all of the money will be used to grow the business, explained Bhasin. They currently have around 500 healthcare providers on their platform; by the end of this year, they expect to onboard around 5,000 more, Bhasin added.
The fintech startup is establishing a network of healthcare providers to offer embedded finance and pay-later choices at clinics nationwide. The company, which is currently in the business-to-business (B2B) space, intends to enter the business-to-consumer (B2C) space.
It is also developing a hyperlocal discovery platform to meet individuals’ healthcare needs. Their platform will use the Practo and ZestMoney business models for healthcare. On one side, they will aggregate private healthcare practices and make them available and affordable, Bhasin added.
ZestMoney, LazyPay, and other buy now pay later (BNPL) platforms compete with the company. However, the startup is only interested in providing credit to healthcare services offline. SaveIn’s global business model is similar to Sunbit and Scratchpay, both of which are based in the United States.
With $70 billion in out-of-pocket spending and incredibly low health insurance penetration, healthcare in India is ripe for change through embedded finance that can be provided to drive 3 million healthcare providers across the country, the company said in a statement.
SaveIN is a fintech platform that aims to change how Indians get on-demand credit. They are developing innovative financial products and experiences in a fully digital, paperless, and mobile-first ecosystem.
For more information, visit https://www.savein.money/
The Media Bulletin (TMB) is a diversified publisher and a digital media service company. Consistently at the forefront of innovation and technological advancement, TMB endorses digital technology to provide unique experiences to its audience through news, objective-oriented research and articles, and industry expert commentary.